FMA Magazine 2021 - 2023

FMA 2021-2023 MAGAZINE 1

2 FMA 2021-2023 MAGAZINE

FINANCIAL MANAGEMENT ASSOCIATION • AUBURN STUDENT INVESTMENT FUND 

INTEGRATED FINANCIAL LEADERSHIP PROGRAM 

A U B U R N 

U N I V E R S I T Y 

TABLE OF CONTENTS 

INSIDE THIS ISSUE 

28 

40 

56 

64 

80 

Harbert Investment 

Center Opens 

Case 

Competitions 

FMA Heads Back 

to Wall Street 

ASIF Performance 

Summary 

Alumni Updates 

5 Director’s Message 

6 President’s Message 

8 Who Are We? 

10 What We’re Up To 

12 FMA Resources 

20 A Look at Our Students 

28 Harbert Investment 

Center 

30 FMA Leadership Summit 

34 FMA Spring Forum 

36 Leadership Program 

Participations 

40 Case Competitions 

46 Awards & Scholarships 

56 FMA NYC Trip 

58 FMA Houston Trip 

60 Where are We 

Going Now? 

64 ASIF Performance 

Summary 

80 Alumni Updates 



MESSAGE FROM THE DIRECTOR 

FROM THE 

IFLP DESK 

In the constant push for excellence and advancement, it’s often a blindly enduring struggle to pause and recognize how 

far we’ve come. As I sat down this summer, surrounded by the organized chaos that defines my office, I looked beyond 

my computer screen, to the innumerable student faces that helped build this program – looking back at me from framed 

photos given as gifts, candid prints memorializing various FMA events, and numerous FMA travel memory books. Adding 

familiar faces to the menagerie each year, I settled in on a photo of our inaugural graduating class, taken in my backyard 

at the annual grad party. Dressed in derby attire, the soon-to-be graduates wore broad smiles that signaled pride in their 

accomplishments, and anticipation for their future. This inspired me to go back to the first FMA Magazine to see what I had 

written in 2018. An excerpt follows: 

When I compare our young organization to elite programs in the nation, I question, not the worth of what we have 

accomplished to date, but whether there are other domains…with which we do not as yet deal effectively. I propose that we 

use our mission statement to guide this program toward an integrated and purposeful curriculum that seeks improvement 

in areas of weakness and coordinates efforts between students, alumni, and faculty. Target improvement areas are: practical 

industry and academic integration including structured supporting coursework and credit, additional focused alumni 

engagement and communication, and the addition of a thoughtfully planned elite student investment lab. These targets 

only seem wildly aspirational when one forgets the path that we have forged in the short time since inception. 

From the beginning, FMA focused on the critical success areas for an elite finance program: Industry Exposure, Technical/ 

Academic, Alumni Engagement, Professional Preparation, and Branding. It is truly remarkable how far and definite 

our progress has been in these areas, driven by student members and alumni with a sense of ownership and abounding 

drive. With the support of Auburn University BOT, and HCOB leadership, we continued to push for excellence, which 

in 2022 and 2023 resulted in FMA student teams again taking home international first place titles in elite global case 

competitions (KROLL, and Harvard), a sixth consecutive national superior chapter ranking, and a new high for total first 

year compensation at $148,400. But the greatest physical reminder of how far this program has come was unveiled in Fall of 

2022, with the opening of the Harbert Investment Center. The College now has a state-of-the-art education, collaboration, 

and training space that reflects the quality of our finance students. 

As I look to the future, there is palpable momentum, reflected in the determination of FMA members to build on the legacy 

of ownership, drive, and excellence that powers our students and alumni. In line with our practical application focus, 

this fall the Program will be adding BlackRock’s Aladdin training to the ASIF curriculum. This tech platform unifies the 

investment management process to enable scale, provide insights, and support portfolio management. In addition, FMA 

will add an advanced investments course, which will culminate with all student members sitting for the SIE exam. 

Thank you, as always, to our supporters and alumni. I encourage each of you to stay actively engaged with our Program, not 

only as we collectively celebrate ongoing accomplishments, but also chart our future and, along with it, the future of our 

FMA grads past and present. 

Finance Rocks! 


MESSAGE FROM THE CO-PRESIDENTS 

CO-PRESIDENTS KENNEDY 

JARVIS & JONATHAN HU 

A Look at 

2021-2022 

What a rewarding year to guide the FMA leadership team. Our most 

momentous task was getting the financial lab and leadership center out of 

the pitch deck and onto the architect’s desk. Having accomplished this 

goal, we continued to push for program excellence – which, this year, was 

recognized at the international, national, and university level. As always, 

the most valuable resource that this organization has is its members and 

alumni. As a team, we collaborated to achieve these strategic initiatives 

and the results that follow in the rest of this annual. 

1. Named Organization of the Year at the 2022 AU Student Involvement 

Awards 

2. Recognized by FMA National as Superior Chapter for fourth year in a row 

3. FMA co-president, Kennedy Jarvis wins President’s Award for HCOB 

4. 100% full time job placement for 22 seniors 

5. 100% internship placement for 24 juniors 

6. 79% internship placement for freshmen and sophomores 

7. Recorded an average starting compensation for the 2022 graduating class 

of $142,500 

8. Obtained Board of Trustees approval for a $2.8 million state-of-the-art 

investment center 

9. Partnered with NYC graphic designer to establish original drawings for 

center and worked with HCOB leadership to secure architect and complete 

build plans 

10. Received course credit approval for students participating in the most 

rigorous case competitions 

11. Revised and produced FMA Career Guide to help all finance students with 

a career road map for success 

12. Took first place nationally for the third year in a row at the KROLL 

YOUniversity Challenge 

13. Took first place internationally ($15,000 prize) for the second year in a 

row at at the KROLL YOUniversity Challenge – rising above 221 initial 

competitor teams 

14. The future for this group is bright, and we know that the next leadership 

team is in a great position to advance this organization. We look forward 

to coming back and seeing the years of pitching, planning, and design 

brought to life in the new investment center. 

6 FMA 2021-2023 MAGAZINE 

FMA 2021 – 2022 Co-President, Kennedy Jarvis, joined FMA as a 

freshman and graduated with a 4.0 in Finance. Kennedy was recognized 

with the esteemed Phi Kappa Phi award as a junior, and the President’s 

Award for the HCOB spring 2022 graduating class. During her time 

in FMA, Kennedy participated in the elite Girls Who Invest national 

program, was Co-President of ASIF, completed three internships, and 

upon graduation, joined Moelis in NYC as an investment banking 

analyst in their Consumer Group. 

FMA 2021 – 2022 Co-President Jonathan Hu served many leadership 

roles in FMA, including Co-President of ASIF. Through the mentorship 

and resources he found in FMA, Jonathan was able to complete three 

internships across asset management, M&A, and energy investment 

banking with CRI Capital Advisors, Vulcan Value Partners, and Credit 

Suisse. After graduating with honors, Jonathan joined Citibank full time 

in Houston and now works in their Sponsors Group in NYC.

MESSAGE FROM THE CO-PRESIDENTS 

CO-PRESIDENTS MAGGIE 

RICHARD & NICK THOMPSON 

2022-2023 

in Review 

We’d like to start by thanking Kennedy and Jonathan for their leadership 

during the 2021 – 2022 school year. Their hard work and dedication set a strong 

foundation which allowed us to transition with ease. 

In the fall of 2022, our focus turned to the opening of the Harbert Investment 

Center, which houses an academic finance lab, as well as the new home for our 

Program – the Financial Leadership Center (FLC). The FLC is equipped with 8 

Bloomberg terminals, a state-of-the-art board room, equity research software, 

and large screen/dual monitors – providing a space for student members to 

pitch, collaborate, research, and work on financial modeling skills. In addition, 

the new space has allowed for all HCOB students to learn about opportunities 

in finance through FMA-sponsored educational forums. We hosted three such 

forums during the school year: Introduction to Oil & Gas Banking, Structure 

of Goldman Asset Management, and Overview of Syndicated and Leveraged 

Finance. Through these forums, we have been able to share resources and 

educate students outside of FMA. The FLC has become a cornerstone for our 

organization – one that adequately represents and markets the strength of 

HCOB’s finance program and our outstanding students. 

FMA 2022 – 2023 Co-President, Maggie Richard, was actively involved 

with ASIF and FMA since her freshman year and graduated with a 

4.0 in Finance. Maggie was a Girls Who Invest Scholar and completed 

five internships while at Auburn in asset management, private 

equity, digital currency and leveraged finance. Maggie was named 

the Graduation Marshal for the HCOB spring 2023 graduating 

class. Upon graduation, Maggie joined TD Securities in NYC as an 

investment banking analyst in their Leveraged Finance Group. 

We also made strides in marketing/branding this year, as part of a continual 

effort to expand FMA name recognition campus wide. In 2022, FMA leadership 

presented to both the AU Foundation and the Auburn Board of Trustees. These 

presentations provided an opportunity to tell our story, enabling trustees 

and foundation members to better understand our mission and impact on the 

greater university. This exposure, in turn, led to FMA on-field recognition prior 

to the LSU home game, and to hosting Trustee Huntley at our Spring Forum. 

Once again, we posted 100% graduate full time and junior intern placement, 

setting a new high total compensation for our 2023 graduating class of 

$148,400. We were again recognized with the Superior Chapter designation by 

FMA International and brought home the Best in Career Preparedness award 

at the annual Student Involvement Awards. Notably, the event that brought 

FMA the most accolades this year was winning the Harvard Global Business 

Case Competition. This key event showcased our students’ grit, drive, and 

preparedness, and proved once again that FMA is a competitive force that rivals 

top programs in the country. 

It’s rare to find a group of such talented and driven students who seamlessly 

work together towards a common mission. We are incredibly thankful to have 

had the opportunity to lead FMA during the past year and look forward to 

seeing what the organization accomplishes in the years to come. 

FMA 2022 – 2023 Co-President Nick Thompson joined FMA as a 

freshman and served as an integral member of the executive team 

since he was a sophomore. Nick completed three internships while 

at Auburn including a summer as an investments analyst with 

Retirement Systems of Alabama. His junior summer, Nick interned 

with Goldman Sachs in Dallas in their Real Estate Asset Management 

Group. After graduating with honors in Finance, he returned to the 

same group at Goldman as a full-time analyst.

FINANCIAL MANAGEMENT ASSOCIATION • AUBURN STUDENT INVESTMENT FUND 

INTEGRATED FINANCIAL LEADERSHIP PROGRAM 

A U B U R N 

U N I V E R S I T Y 

WHO ARE WE? 

We are Auburn students who pressed for an 

organization that could identify top talent and 

provide focused preparation for a career in finance. 

FMA Graduation Party 2023 

We are a growing base of involved alumni that continue to give back, both financially and as 

mentors and advisors from inside the corporate world. 

FMA Graduation Party 2022 


We are involved ambassadors that continuously push for resources and training. We are a 

morning mock interview, an afternoon happy hour and a late night in the Bloomberg room. 

FMA Graduation Party 2021 


We are a source of honest feedback, a study 

partner, a mentor. 



We are a group of dedicated students who want the best 

opportunities for ourselves and our fellow members. 



WE ARE FMA. 


MESSAGE FROM THE PRESIDENT 

WHAT WE’RE 

Integrated Practical Application 

AVERAGE FMA STARTING COMPENSATION 

UP TO... 

Training 

Candidate Training Course 

Wall Street Prep Online courses 

LinkedIn Workshop 

Peer and Alumni Mentor Program 

Three IFLP specific classes, encompassing 9 

credit hours 

Team Building 

FMA Member Bowling Night 

New Member Social 

FMA Christmas Party 

Senior Dinner 

Annual Grad Party 

Exec Retreat 

Speakers from Industry 

• Regions Securities 

• Arlington Capital 

• Truist Securities 

• Cantor Fitzgerald 

• Insight Capital 

Group 

• FedEx 

• New Capital 

Partners 

• JP Morgan 

• Goldman Sachs 

• KROLL 

• Bank of America 

• Evercore 

• Founders 

• Accenture 

• Moelis 

• UBS 

• Mises Institute 

• Bright Investments 

• Retirement Systems, 

AL 

• Citibank 

• Ernst & Young 

• Deloitte Corp Fin 

• Raymond James 

• St. Joseph Partners 

• Reagan Consulting 

• General Motors 


Corporate Headquarter Visits 

Bank of America | New York, NY 

Cantor Fitzgerald | New York, NY 

Citibank | Houston, TX 

Evercore | New York, NY 

Goldman Sachs | New York, NY and Houston, TX 

JP Morgan | New York, NY 

RBC | Houston, TX 

Moelis | New York, NY 

New York Stock Exchange | New York, NY 

Retirement Systems of Alabama | Montgomery, AL 

Waste Management | Houston, TX 

FMA Sponsored Programming 

Financial Leadership Summit 

• Panel with distinguished executives 

• Break out sessions with execs and students 

• ASIF stock pitch presentation 

• Alumni and supporter luncheon and awards 

banquet 

• Evening networking social 

• Networking Tailgate 

Spring Forum 

• Seminar and discussion with keynote speaker 

• Executive breakout session for FMA Women 

Financial Leadership Center Educational Forums 

• Educational sessions held in FLC, open to all 

students 

• 2023 forums: Oil & Gas, Lev Fin, Asset 

Management 

FMA Employer/Student Meet & Greet 

• 15 companies, open invite to all 3.5 GPA FINC 

Other 

students 

CFA Forecast Dinner | Birmingham, AL 

CSIC Conference | Tuscaloosa, AL 

Power lunches with executives from IB, consulting, PE, 

corporate finance, and private wealth 

FMA student leadership trip – NYC 2022, 2023 

FMA | ASIF networking trip – Houston 2023 

Members involved in 8 case competitions 


FMA RESOURCES 

Integrated Website with digital resource portal • Finance Career Guide 

Executive Mentor Program • FactSet for FMA lab computers • Expanded content of FMA Summit 

Structured and holistic mandatory new member training program 

FMA Training Resources Digital Library • FMA Library 

Structured prioritized registration for FMA members to begin finance curriculum 

WEBSITE 

The FMA and ASIF 

websites are now housed 

under one domain, with 

cross-discipline resources 

and information on both 

organizations 

WEBSITE FEATURES INCLUDE: 

FMA overview 

Executive committee headshots and 

biographies 

Semester events 

Alumni network overview 

ASIF information and performance 

reports 

Fundraising campaign link 

Membership and recruiting process 

Member resource portal 



ASIF hosts members of Alabama’s student investment fund members for an investment pitch and networking event. 

Program Overview 

Candidates are matched with alumni 

mentors based on the students’ industry/ 

career interests. 

Mentors and students participate in 2 

phones calls and multiple email exchanges 

throughout the semester. 

FMA students are required to send 

multiple feedback forms, call records and 

email drafts to the FMA president and 

advisor to ensure the proper utilization of 

the mentors’ time and resources. 

Program Timeline 

February 

• Mentor & student introductions (e-mail) 

• Students schedule 1st intro call and send 

follow-up email 

March 

• Students send update email to mentors on 

recruiting/academic progress 

April 

• FMA president checks in with mentors 

• Students schedule 2nd call (mock interview) 

May 

• Mentors submit program feedback forms 

• Students send additional update emails 

MENTOR 

PROGRAM 

FMA’s mentor program 

connects students with 

alumni professionals 

CAREER GUIDE 

Networking 

LinkedIn is the greatest resource you have for networking into 

• Provides critical career path information 

to students in an accelerating internship 

recruiting environment 

competitive finance positions. In addition to finding alumni and other 

connections to reach out to, you can look at the path other professionals 

have taken to their current position. Since Auburn is a non-core school 

for many large financial institutions – this is especially true in Investment 

Banking, Sales & Trading, and Private Equity – you will have to reach 

out and network your way into many interviews. Although this sounds 

daunting, follow these steps and with time (and a little luck) you could 

land your dream job. 

Networking 

LinkedIn is the greatest resource you have for networking into competitive finance positions. In addition to 

finding alumni and other connections to reach ou to, you can look a the path other professionals have taken to their 

current position. Since Auburn is a non-core school for many large financial institutions – this is especially true in 

Investment Banking, Sales & Trading, and Private Equity – you will have to reach out and network your way into 

many interviews. Although this sounds daunting, follow these steps and with time (and a little luck) you could land 

your dream job. 

Set up Profile 

LinkedIn 

•Make sure to use a professional picture and keep information up to date 

•See the FMA website for advice 

• Focuses on year-specific guidance related to 

work done in and outside the classroom 

Build Connections 

Speak with Industry 

Professionals 

Informational Interviews 

•Connect with anyone you meet at networking events, other students, FMA 

Alumni, friends of parents, etc. The more connections you have, the better. 

•Once you identify an area of interest (IB, S&T, etc), use the Search function to 

find professionals that you can contact to hear abou their experience 

•Reach out (cold emails) and ask to speak abou their experience in finance 

•This is a great way to learn about what you are pursuing 

•Many phone calls will result in informational interviews which lead to real 

interviews 

• Covers an encompassing range of topics 

including diversity programs, the business 

school application process / the GMAT, and the 

different organizations on campus available for 

finance-oriented students 

• Opportunity for Auburn FMA to give back to 

the university in a reusable, public, and targeted 

form of communication 

The “Cold Email” Process 

Cold emailing simply refers to sending an email to someone 

without actually knowing them. Here are the steps (for this 

example we use IB): 

1. Identify firms you are interested in (Google “Top 

Investment Banks New York City” for help”) 

2. On LinkedIn, search “[Goldman Sachs] Analyst” 

and filter to New York. Also filter according to the 

tips on this page to improve your chances of getting 

a response. 

3. Once you have the name of someone, you will have 

to guess their email. The best way to do this is to 

Google [Goldman Sachs] email format. 

4. Email [firstname.lastname@gs.com] according to 

the cold email template below. (Also check Mergers 

and Inquisitions for more templates – this is just an 

example) 

Hello [John], 

“Cold Email” Example 

Finding Connections 

Often times, you will have the best luck 

reaching ou to someone who has some form of 

personal connection to your story. Here are 

some ways you can filter your LinkedIn search 

to narrow it down: 

Auburn (or SEC schools in general) 

Current City 

Previous Employer 

‣ Major (especially if you are 

engineering or a non-traditional 

major) 

Hometown / High School 

‣ Specific Industry focus (Ex. 

Industrials) 

Similar Interests (Ex. Triathlons) 

‣ Similar Ethnic Background 

My name is ___ and I am a junior studying ___ at Auburn University. I found you via LinkedIn and given [some sort of connection], I 

wanted to reach out. After ___ internship, I am confident that I want to pursue Investment Banking, and I would enjoy hearing about 

your experience if you are willing to share. I understand if you have too much going on, and would appreciat even a short phone call. 

Best Regards, 

Your Name 

example) Background 

9 



NEW MEMBER 

CIRRICULUM 

Major Accomplishment: New Member Curriculum 

New Member Training and Development 

Career Path 

Exposure 

Host career panel of senior members with internship experience in FMA’s core focus career 

paths: investment banking, asset management, elite corporate finance, private wealth, and 

S&T, equipping each student with equal technical preparation to pursue desired career path 

Recruiting 

Overview 

Provide students with FMA Career and finance recruiting guides. Topics for recruiting 

are based on a cycle: Positioning Yourself, Polishing Up, Understanding What You Want, 

Networking, Interview Preparation, and the Offer 

Resume and 

Behavioral 

Host training in behavioral interviewing, standardize resume and cover letter formatting, 

and assign candidates both an alumni and peer mentor who assist with recruiting, 

resume/business writing, and mock interviews 

Technical 

Training 

Cover a range of topics throughout 12 week training program, including accounting, cash 

flows, cost of capital, DCFs, comparables, precedent transactions, M&A, and LBOs in a 

flipped classroom environment, utilizing Wall Street Prep and in class discussions 

Capstone 

Project 

Culminates in Capstone Project where students perform a discounted cash flow analysis, 

collaborate within groups to present a stock pitch focusing on qualitative analysis, and pass 

a mock super day, which includes both technical and behavioral interview components 


[ 7 ]


OVERVIEW 

Since its inception in Fall 2014, FMA has supported its student 

members in their pursuit of rewarding and competitive careers. 

From candidacy to graduation, we have created an integrative 

curriculum that focuses on practical application. 

In addition to the new candidate training semester, IFLP 

provides four program specific courses. 

IFLP 

CURRICULUM 

• Each counts as a 3-hour finance source. 

• Adding university-approved curriculum to Auburn FMA’s 

program puts it on par with competing investment banking 

schools. 

• With the integration of ASIF and FMA under the Integrated 

Financial Leadership Program, we have formalized Fund 

application by creating a dual-course structure that is specific to 

the ASIF portfolio. 

• Students will be involved in the ASIF program for 2 semesters 

during their junior or senior year and will receive 3 credit hours 

each semester. 

• The ASIF program combines the real-time decision-making 

aspects of managing an investment fund with the structure and 

formality of a university-approved course. 

• Pitching new investments and managing the portfolio will 

be actively integrated with the ASIF portion of the course 

curriculum. 

IFLP SPECIFIC CLASS 1 

ADVANCED FINANCIAL MODELING 

• Taught by a former Training the Street (TTS) executive – TTS 

is a learning services firm that focuses on financial modeling 

and valuation. Several firms throughout Wall Street hire TTS 

during their in-house training programs to teach modeling. 

• This class provides students with the opportunities to learn 

practical skills that students will use throughout their careers 

including discounted cash flow, leveraged buyout, precedent 

transaction analysis, public comps, merger consequences and 

Excel best practices. 


ASIF – ADVANCED SECURITY ANALYSIS 

• Taught by an investment professional from the Retirement 

Systems of Alabama. 

• Analysis of investment decision process, include student 

pitches across Fund sectors. 

• Connection to industry professionals in equity research, 

geo-political risk and capital markets. 


ASIF – ADVANCED PORTFOLIO MANAGEMENT 

• Foundations of portfolio theory with considerations given 

to market expectations and strategic asset allocation. 

• Looks at optimal investment strategy and focuses on 

portfolio management and allocation while applying these 

concepts to the ASIF portfolio. 

• Monitoring and rebalancing portfolio, with new investment 

pitches presented by each sector. 


ADVANCED INVESTMENTS (BEGINS FALL, 2023) 

• Requires that all students sit for and pass the Securities 

Industry Essentials Exam (SIE). 

• Explores macroeconomic events and how they affect the 

valuation of financial instruments. 

• Analysis of trading options and futures for speculative 

hedging purposes. 

• Computing the optimal allocation of assets (stock, bond, 

precious metals, ETF’s, and closed-end funds). 



Work Hard... 



Play Hard.


A LOOK AT OUR STUDENTS 

Will McColskey 

hails from 

Atlanta, GA 

and upon graduation in 2022, 

returned to his hometown 

to join Truist Securities as 

an analyst in the Consumer 

& Retail Group. Prior to 

joining FMA, Will sought 

out upper-class members to 

learn more about the program 

and “felt that FMA was the 

best path to prepare me for 

a career in finance, while 

also surrounding myself 

with like-minded people in 

the industry.” He advises 

younger members: “Get to 

know everyone in FMA and 

challenge yourself to step out 

of your comfort zone. Some 

of the best friends I made at 

Auburn were from hanging 

out in 128 and getting help 

on finance assignments.” 

When Will isn’t busy with 

work, he enjoys shooting 

sporting clays and listening 

to Fleetwood Mac (The Chain 

is his all-time favorite). And, 

he stays involved with with 

the program that helped to 

launch his career. Now on the 

recruiting side with Truist, 

Will returns to campus 

frequently and still values 

time spent “just hanging out” 

with fellow members in the 

Financial Leadership Center. 

WILL McCOLSKEY 

20 FMA 2019-2021 MAGAZINE


Rachel Turley, a 2022 

graduate from New 

Orleans, served as the vice 

president of alumni relations for FMA. 

Rachel was instrumental in structuring the 

alumni mentor program and was an active 

mentor herself to several younger members. 

“I loved spearheading the Alumni Mentor 

Program for three years,” she says. “This 

allowed me to get to know the mentees and 

touch base with our alumni mentors. As a 

senior, Thompson Green was a great help, 

and I was excited to see him take the reins 

after I graduated and continue to build the 

program.” 

Always grateful, Rachel describes how 

FMA impacted her time at Auburn: “There 

are several ways in which FMA provided 

me tools, resources, and friendships that 

would last a lifetime,” Rachel says, “but 

truthfully, the driving force is the culture. 

“The ‘Auburn Family’ sounds cliche, but I 

found just that in FMA. My peers supported 

me in my journey - not only academically, 

but in my personal development as a student 

on Auburn’s campus. From Tracy’s support, 

which encouraged me to pursue my dreams, 

to the adrenaline felt when celebrating an 

Auburn win with FMA friends at Toomer’s… 

the Auburn Family is your support system. 

That is what I found in FMA.” 

During her sophomore summer, Rachel 

interned with Arlington Capital Advisors in 

Birmingham. “I really enjoyed the internship 

with Arlington,” Rachel says, “the experience 

solidified my decision to pursue a career 

in investment banking.” During her junior 

summer, Rachel interned with Jefferies in 

Boston, where she accepted a full time offer 

with their Automotive Aftermarket Group. 

“The Jefferies internship was challenging, 

and the work was interesting – plus, I really 

enjoyed the team members. After working 

hard, it’s such a great feeling to come into 

your senior year with a full-time offer.” 

Prior to heading to Boston, Rachel hiked 

the final stage of the Camino Frances del 

Camino de Santiago in Spain. She continues 

to be an engaged alumnus – even traveling 

to New York to meet the students for the 

annual city trip in the spring of 2023. 

RACHEL 

TURLEY 

FMA 2019-2021 MAGAZINE 21


THOMPSON 

GREEN 

Thompson Green, FMA’s 

2022-2023 Chief Strategy 

Officer, came to Auburn 

from Houston, TX. Growing up in Houston, 

many of his friends were heading to Texas 

schools after high school. Thompson wanted 

to break off and chart a new path, and, since 

Thompson’s grandfather was a proud AU 

graduate, the Plains had always been a draw. 

What FMA/ASIF has done for Thompson: 

“I wouldn’t be where I am today without 

FMA/ASIF. I will be forever grateful for the 

guidance and mentorship that Tracy and the 

FMA family has provided me.” Thompson’s 

advice to younger members: “Persist through 

challenging times and seek advice from 

alumni and older members.” Thompson has 

asked “How can I help?” since he first joined 

FMA and has been a critical part of our 

leadership - showing loyalty and inspiring 

others at every turn - the true definition 

of stewardship. As part of his role as CSO, 

Thompson worked to streamline the new 

member, alumni mentor program, which 

continued to flourish under his leadership. 

Thompson completed an internship with 

Vedado Capital during his sophomore 

summer and then interned with Goldman 

Sachs in Dallas his junior summer. Thompson 

graduated in spring 2023 and will join 

Goldman Sachs Specialty Lending Group full 

time in Dallas. 

22 FMA 2017 2019-2021 2021-2023 MAGAZINE MAGAZINE 

FMA 2017 MAGAZINE 22

One of the most 

rewarding aspects of 

FMA is the lifelong 

relationships that 

come out of the Program. As rising senior 

and director of marketing and media, 

Ashley Sieniki says, “Going through IB 

recruiting together, having similar goals and 

ambitions, studying for tests together, and 

spending time in the FLC/128 has allowed 

me to create genuine friendships and find 

my niche in a school with so many students 

and diversified interests. 

For Ashley and Lauren Rutherford (also 

a rising senior and incoming FMA vice 

president), their friendship was established 

freshman year, on the first day of candidate 

training. Ashley recalls, “I sat in the 

classroom anxiously waiting for the meeting 

to start and started talking to the girl next 

to me. That girl turned out to be my best 

friend and roommate, Lauren Rutherford. 

Surprisingly, we were in the same sorority 

but had somehow never met. By the end 

of spring semester (and hours of training), 

we were doing nearly everything together. 

It was easy to connect with someone so 

like-minded, who had similar goals, and 

was going through the same rigorous 

recruiting process. Now we are widely seen 

as inseparable. I’m often asked “Where’s 

Lauren?” if I walk into the FLC solo and 

we’ve both heard all of the separation 

anxiety jokes when one of us is seen without 

the other. All jokes aside, Lauren is my 

go-to person, and biggest supporter. I’m so 

grateful to have her in my life.” 

Growing up in the small town of Kinnelon, 

New Jersey, Ashley knew she wanted a 

change. “Auburn’s campus is beautiful, and 

it checked all my boxes: big school, college 

town, exciting sports, and a strong business 

school. When I toured the HCOB, FMA 

was mentioned, along with their success in 

placing students into investment banking 

jobs. I remembered thinking that I wanted 

to pursue FMA when I got to campus - little 

did I know how much the organization 

and its members would change my life 

in the coming years. The support I’ve 

ASHLEY 

SIENICKI & 

LAUREN 

RUTHERFORD 

received from the people who pour into 

this organization is the reason I have my 

investment banking internship. I’ve learned 

so much and owe it all to Tracy and the 

students and alums that came before me. An 

organization is only as good as the people 

who make it, and FMA has unmatched 

stewards.” 

Lauren, who came to Auburn from Boulder, 

Colorado, agrees. “From the first meeting 

I knew FMA was more than just a club to 

put on a resume, it’s an organization that 

is dedicated to helping students reach their 

goals and be recruited by top firms. Plus, it 

connected me with Ashley, who’s been by 

my side since that first meeting. 


FMA has encouraged me to work hard, to 

not give up when things get challenging, and 

to appreciate and take advantage of every 

resource and opportunity.” Both women 

encourage younger members, “take full 

advantage of all FMA has to offer, spend 

time and make friendships with the other 

members of the organization, appreciate 

every opportunity you’re given, and work 

hard…but remember to still have fun.” 

Ashley and Lauren both completed junior 

year investment banking internships in New 

York City, Ashley with Piper Sandler and 

Lauren with RBC. 

FMA 2019-2021 MAGAZINE 23


Jacob’s mom encouraged 

him to apply to AU after 

researching schools and learning of Auburn’s 

reputation of having the happiest students 

in the nation. Jacob got involved with FMA 

and ASIF his freshman year and credits the 

Program with being a main highlight of his 

college experience. “FMA jump-started 

my career in finance, and I can’t thank the 

organization and its leadership enough. I’ve 

made some of my best friends in college 

through FMA. The student and alumni 

mentors make the organization uniquely 

impactful, and they provide members the 

opportunity to gain valuable insight into 

finance.” For his part, Jacob has streamlined 

the diversity recruiting process for FMA, 

always making sure that students are 

aware of opportunities and up to date with 

applications. 

Spending his sophomore internship in 

Houston with RBC’s Investment Banking 

division, Jacob encourages younger members: 

“the organization gives back what you put 

into it. Don’t let anything get in the way 

of your goals, and don’t be afraid to try 

something new.” 

JACOB 

SAAVEDRA 

24 FMA 2019-2021 2021-2023 MAGAZINE


A Birmingham 

native, Grace Ann 

Tankersley joined 

FMA in the spring of her freshman 

year. “Although I like to think that I 

have been a member of the ‘Auburn 

Family’ since birth, it wasn’t until 

I toured Auburn during my senior 

year of high school that I actually 

saw myself as a student on the Plains. 

I credit this shift in mindset to a 

meeting with Tracy, that my dad and 

Dr. Alderman had arranged. After 

learning more about FMA, I realized 

that I could choose Auburn and enjoy 

the experience of a southern school, 

while not compromising on academic 

rigor or my career aspirations in the 

financial services industry.” 

“FMA has been one of the biggest 

blessings of my time here at Auburn. 

I am constantly surrounded by young 

men and women who challenge me 

to pursue my goals and encourage 

me along the way. I’m so thankful 

for the mentorship that FMA has 

provided over the past few seasons as 

I have navigated next steps and new 

adventures.” 

Grace Ann spent her sophomore 

summer interning with Regions 

Securities, Charlotte in their Tech and 

Defense Credit Products Group. “I 

gained exposure to different aspects 

of leveraged finance and learned 

how each department impacts a new 

transaction.” For her junior summer, 

Grace Ann will intern at Perella 

Weinberg Partner’s energy division 

(Tudor Pickering Holt & Co.) in 

Houston. 

Outside of her studies, Grace Ann 

enjoys spending time with family & 

friends, golfing, playing the violin, 

fishing (she is a classical violinist of 12 

years and was the first girl on her high 

school’s bass fishing team), hunting, 

and reading. 

GRACE ANN 

TANKERSLEY 

FMA 2021-2023 2019-2021 MAGAZINE 25


JONAVIN 

SMITH 

In addition to finance, Jonavin 

Smith, a native of Florence, AL, 

also has a strong interest in politics. Having 

always been a die-hard Tiger fan, Jonavin chose 

Auburn because The Plains felt like home. Once on 

campus, he immediately got to work. During his 

freshman summer, Jonavin interned on Capitol 

Hill in Senator Tuberville’s office. He credits his 

mom for much of his relentless drive. “My mother 

instilled in me the important lessons of dreaming 

big, having empathy, and remaining determined. 

These lessons have translated into success for me, 

and I’ve seen first-hand how critical they are for 

personal growth. As the saying goes, the harder 

you work, the luckier you get.” Coming back from 

D.C. for his sophomore year, Jonavin applied to 

many internships and leadership programs, with 

the aim of landing a spot in New York. “I applied to 

every opportunity as a sophomore and connected 

with as many people as possible.” Jonavin’s hard 

work paid off when he was offered an investment 

banking internship in New York from UBS in their 

Industrials Group. Jonavin’s strive for excellence 

doesn’t stop at his own future plans: “I strive to 

leave a positive impact on the world by making 

someone laugh or through an intentional act of 

kindness.” 

26 FMA 2019-2021 2021-2023 MAGAZINE


FMA SAYS “WAR EAGLE!” 


FROM CONCEPT TO CREATION 

NEW FACILITIES ACCOMPLISH LONG TERM GOAL SET BY FMA IN 2017 

In the fall of 2022, HCOB celebrated the opening 

of the $3.2 million Financial Lab and Leadership 

Center, a world-class, finance student-oriented 

facility equipped with 12 Bloomberg terminals, 

a dedicated training center and multiple 

collaboration spaces designed to accommodate 

a wide range of educational and professional 

development resources and services. The opening 

of the Center represents years of planning and 

pitching and checks off an integral cornerstone 

goal for the IFLP. 

The initial Tiger Lab began in 2007 thanks to 

Raymond J. Harbert’s first gift to Auburn, well 

before his landmark endowment that resulted 

in the school being named The Harbert College 

of Business in 2013. That initial investment has 

since been expanded by donations of time, energy 

and financial resources from Mr. Harbert and 

numerous other alumni, business partners and 

students themselves over the years. 

In 2017, FMA recognized the need for facilities 

that would match the caliber of the Program and 

act as a marketing tool for prospective students 

who were visiting the College. The organization 

proposed an integrated center that would serve 

all students, while also creating a space for 

FMA/ASIF to call home. With the support of 

Dean Ranft, Finance Department Chair Lee 

Colquitt, and COO Jeff Long, FMA’s proposal was 

presented to the Auburn Board of Trustees and 

approved in the Fall of 2020. “We knew early that 

a state-of-the-art lab would be an investment that 

would pay off,” says IFLP Director Tracy Richard. 

“When measured in terms of alumni engagement, 

prospective student recruitment, academic 

advancement in practical application, and general 

branding, the physical build-out costs would be 

negligible compared to the implicit returns.” 

Joe Hanna, Regions Bank Professor, and interim 

dean at Harbert, made note of all the people who 

help make these initiatives possible. “We are 

grateful for the vision of Raymond Harbert and 

all the others whose commitment and financial 

support have been so critical to the success of 

the Financial Lab, the IFLP, FMA and the ASIF 

as pillars of undergraduate and post-graduate 

finance education at the Harbert College of 

Business today,” said Hanna. 

Hanna also pointed to the students, faculty, 

alumni and business partners responsible for 

the IFLP’s success. “The Integrated Financial 

Leadership Program at Auburn represents the 

very best we have to offer our students and the 

business partners who support our mission,” said 


FINANCIAL LAB 

After years of planning, the Harbert Financial Lab and Leadership 

Center turns one of FMA’s strategic core goals into reality. 

Hanna. “I’d like to acknowledge Tracy Richard in Harbert’s 

Department of Finance for her extraordinary leadership in 

helping to establish and build the IFLP into what it is today.” 

Real World Investment Experience Matters 

As impressive as Auburn FMA’s leadership in finance is, their 

success represents just one of the components of the IFLP 

program that demonstrate how uniquely valuable this flagship 

initiative has become. A primary beneficiary of the new facilities 

is the Auburn Student Investment Fund (ASIF). 

ASIF, within the IFLP, is another Harbert-based initiative 

benefiting from the Program’s focus on finance student 

education, experience and hands-on participation in one of the 

Fund’s investment industry segments. ASIF works to foster 

members’ interests in financial markets to help students develop 

investment analysis skills while instilling in each member the 

high standards of Wall Street investment ethics. 

In the Financial Leadership Center, ASIF members utilize the 

Bloomberg terminals, SEC filings, current financial news and 

security analysts’ reports to research and manage their now 

$550,000 fund’s investments in publicly held equities and other 

investment vehicles. 

Auburn Finance Students on the Rise 

Richard adds: “Having this center as a resource for all financefocused 

students is critical. The Financial Lab is open to all 

students when classes are not being held and the Leadership 

Center is building a training program that will benefit all HCOB 

students. The bar is rising for investment banking analyst 

positions, and the requirements for all Auburn finance students 

seeking these coveted jobs are rigorous. 

FMA, ASIF, and the new Financial Lab and Leadership Center 

complement classroom instruction and practical application 

programs that help make the Harbert College of Business best 

in class.” 

FMA Board deck 11/10/2017 

FMA Board Deck 5/14/2018 

FMA lab pitch 9/18/19 


FMA Leadership Summit 

The combination of academic excellence 

and hands-on, practical application of 

classroom learning defines the uniquely 

successful Integrated Financial Leadership 

Program (IFLP) at Auburn University’s 

Harbert College of Business. Rooted in 

the founding vision and belief that Auburn 

students should be provided the tools, 

training, and experiences necessary to 

pursue highly challenging career paths 

in the financial services industry, IFLP is 

turning heads as Auburn finance graduates 

who participate in this rigorous program 

gain entry into some of the most elite career 

paths in investment banking worldwide. 

FMA’s flagship annual event is the FMA 

Financial Leadership Summit, which 

features guest panelists, educational breakout 

sessions, and an opportunity for finance 

alumni and program supporters to return to 

the Plains in support of the Program. 

The question-and-answer style forum 

was moderated again by Harbert College 

of Business alumnus Steven Aldridge, 

Managing Director at Cantor Fitzgerald. 

A favorite of the students, and FMA Board 

Member, Steve has been a part of the 

Summit since inception. 

The 2021 Summit Panel Discussion featured 

Elise L. Jordan, Executive Vice President 

& Chief Financial Officer at FedEx 

Express, Tavis McCourt, Institutional 

Equity Strategist at Raymond James, and 


Gizman Abbas, Principal at Direct Invest 

Development. 

The panel was not only experienced, but 

also diverse in that expertise. Tavis was able 

to add insight to current market drivers; 

while Elise gave the students an inside 

look at how these drivers are impacting 

business and strategy at a Fortune 100 

company. Gizman has experience across a 

spectrum of industries and investments, 

but his defining message was “Where you 

are from never dictates where you will go.” 

Students were able to take a lot of hard-won 

experiential advice away with them. 

2021’s Summit also recognized Regions 

Bank during the luncheon, for its continued 

support as FMA’s corporate sponsor. 

Tracy Richard, Program director shares: 

“When it comes to support for FMA from 

our partners in the financial services 

industry, no organization stands out more 

prominently than Regions Bank. We’ve 

enjoyed a special relationship with Regions 

since our inception. When we were first 

getting started, Regions Securities was 

also growing their presence and trying to 

establish an official internship program, 

Regions worked with us to place some of 

our top students. Ward Cheatham, Regions 

EVP and an Auburn graduate, committed to 

hiring Auburn finance talent as well.” That 

dedicated support from Regions continues 

to this day, with the bank recently 

committing $50,000 to the Financial 

Leadership Center, which opened in the fall 

of 2022. 

For the 2022 Summit, three executives from 

separate business disciplines discussed 

how green technology is impacting the 

automotive industry, finding the balance 

between risk and return, and why gold is 

a critical component for every portfolio, 

among other topics. Paul Jacobson, EVP 

and CFO at General Motors, Jim Jeffries, 

Chairman and Chief Investment Officer 

for Wells Fargo Strategic Capital, and Drew 

Mason, Managing Partner and Founder of 

St. Joseph Partners, also shared a common 

theme during a 90-minute panel session 

during the fifth annual Summit – advice for 

young professionals. Three takeaways: be 

grateful to those who have helped you on 

your journey, don’t be afraid of hard work, 

and never take yourself too seriously. 

A key highlight of the 2022 Summit – a 

repeat panelist. Paul Jacobson, who helped 

to kick off the inaugural Summit back 

in 2017 as the CFO of Delta Air Lines, 

returned as an honored guest, with insights 

now gained by holding the coveted CFO 

role for two Fortune 500 companies. 

Paul helped transform Delta into one of 

Fortune magazine’s Top 50 Most Admired 

Companies for six consecutive years. He 

was named the airline industry’s best 

CFO eight times by Institutional Investor

EXPANDED PROGRAMMING 

magazine’s poll of Wall Street analysts 

and investors. Now at GM, he is focused 

on helping GM execute a growth strategy 

driven by an all-electric future. As always, 

Paul’s extraordinary experience combined 

with familial kindness and love for his 

alma mater set students at ease to ask 

questions and learn from Paul’s challenges 

and successes. “Mr. Jacobson clearly loves 

Auburn,” said Nick Thompson, FMA copresident, 

“to see someone with as much 

experience as he has - relate to the students 

like their family…what an impressive and 

impactful display of stewardship, hubris, 

and love for Auburn. He’s the definition of 

strong character.” 

Jim Jeffries, whose daughter Mary 

Catherine is a junior HCOB student, didn’t 

hesitate when asked to join the panel. “He’s 

been a great supporter of FMA”, said Tracy 

Richard, Program director. “Jim and I were 

friends in high school, and I was excited 

to reconnect with him when his daughter 

came to Auburn. He has so much industry 

experience and has continued to look for 

ways to help FMA and our students, beyond 

his participation in the Summit.” 

Drew Mason’s St. Joseph Partners is a 

physical gold and silver brokerage company. 

The firm’s research on gold’s role in 

constructing optimal investment portfolios 

has been referenced worldwide. Mason, who 

graduated from Wharton, worked on Wall 

Street for UBS, First Boston, and Lehman 

Brothers. “Gold is de facto insurance for 

one’s wealth. Notably, if you look at periods 

exhibiting intense market stress like the 

Great Depression or the Great Financial 

Crisis, gold has notably outperformed 

financial assets, affording investors the 

liquidity to take advantage of opportunities 

that can impact generations.” Drew has also 

continued to support Auburn – structuring 

an intern program for HCOB students and 

visiting campus for additional student info 

sessions. “His visit meant a lot outside of 

just opening our eyes to precious metals 

investing,” said junior finance major John 

Boles. 

FMA again offered several engagement 

opportunities for students and alumni, 

including an ASIF stock pitch and tours 

of the newly opened Financial Leadership 

Center. In addition to career pathway info 

sessions held by industry executives, FMA 

also hosted a networking social on the 

Gavin Terrace at Horton-Hardgrave Hall 

and concluded the Summit on Saturday with 

a special tailgate prior to the Texas A&M at 

Auburn football game. 



FMA again offered several engagement 

opportunities for students and alumni, 

including an ASIF stock pitch and tours of the newly opened 

Financial Leadership Center. In addition to career pathway 

info sessions held by industry executives, FMA also hosted a 

networking social on the Gavin Terrace at Horton-Hardgrave 

Hall and concluded the Summit on Saturday with a special 

tailgate prior to the Texas A&M at Auburn football game. 





FMA SPRING FORUM 

Every spring, FMA hosts an all-College forum that focuses on 

the personal development of our students. 


In 2022, we hosted Stephen Davis, founder 

and president of The Will Group. Mr. 

Davis established Electrical Resource 

Management, the first Will Group company, 

in 1986. Since then, the Will Group has 

launched numerous additional companies, 

created hundreds of jobs and won largescale 

projects including a ComEd and City of 

Chicago project to manufacture and replace 

over 300,000 high-quality LED lighting 

fixtures, a Chicago Housing Authority 

contract to manage the construction of 

the Altgeld Gardens public housing’s Plan 

for Transformation, and the Kennedy 

King College campus at 63rd and Halsted 

in Chicago. Since 2010, The Will Group 

has been recognized by Black Enterprise 

Magazine as one of the country’s Top 100 

Black businesses. “This was my first FMA 

event as a new candidate,” said freshman 

Patrick Sullivan. “Mr. Davis was relatable 

to the students. His biggest message – stay 

humble and always remember those that 

gave you opportunities. It was obvious that 

Mr. Davis lived by his words - crediting 

those that helped him, especially his family, 

along the way.” 

In 2023, the Forum keynote speaker was 

AU Trustee and civil litigation attorney 

Elizabeth (Liz) Huntley. Liz earned a 

bachelor’s degree in political science from 

Auburn University in 1993, and a law degree 

from the University of Alabama in 1997. 

Trustee Huntley has served as a member of 

various business and civic organizations and 

boards and is a committed child advocate. 

She spoke to a full room of student 

attendees – none left unaffected by her open 

and honest story. Senior co-president, Nick 

Thompson: “This is my fourth year in FMA, 

and I’ve never seen a speaker impact the 

students to the level that Trustee Huntley 

did. I don’t think there was a dry eye in the 

room. For her to get up and openly share 

her life story, wounds and all, it truly sent 

the message that it didn’t matter where you 

came from or what your life circumstances 

were. Ultimately, we are all given this life to 

live, and if we use our innate abilities and 

drive, anything is possible.” 

FMA added on to the Forum with a women’s 

only Been There Done That breakout session 

led by Trustee Huntley, AU Provost Vini 

Nathan, and HCOB Associate Dean, Dr. 

Mueller-Phillips. The breakout was a 

time for the women in FMA to learn from 

the speakers’ unique experiences and 

challenges and added a personal experience 

where FMA women were challenged by 

inspiring leaders from across the state. This 

roundtable setting provided an intimate 

atmosphere to hear about each speaker’s life 

story. Their collective career paths include 

corporate and civil litigation, architecture, 

education, and accounting, along with 

multiple publications. The respect for what 

each speaker has accomplished along with 

the energy that they brought to the room 

created an uplifting environment. Students 

were encouraged to be diligent and resolute 


in their work and challenge their peers to 

do the same. “It was a perfect setting to 

discuss the unique challenges that women 

face in a male-dominated industry. We left 

reenergized for the rest of the semester 

and our futures,” said sophomore Hallie 

Ramsey. 

The break-out reinforced FMA’s emphasis 

on women’s leadership. In fact, women are 

often FMA’s highest performers – since 

inception, half of the FMA presidents 

have been women. National studies 

show investors are 78% male, yet FMA 

is composed of over 40% women, who 

enter their careers with equitable salary, 

expectations, and endeavors for their 

future. 


PREMIUM TO PAR 


Leadership Program 

PARTICIPATIONS 

FMA strives to identify diverse and under-represented 

students and prepare them for application to national 

financial leadership programs. In 2022 alone, FMA 

students placed in over 20 such programs. The 

mentorship and early identification that FMA provides 

rendered student acceptances into elite programs, 

including those of Citibank, Goldman Sachs, Seizing 

Every Opportunity, Searchlight Capital, Girls Who 

Invest, and Evercore, – to name a few. 

According to alumnus AJ Stanley, “Diversity programs 

allow women and minority students who attend ‘nontarget’ 

schools (which include both predominately white 

institutions such as Auburn University, and Historically 

Black Colleges and Universities) to create inroads 

with a firm, catalyzing the formation of a professional 

network and unlocking access to the highly competitive 

recruiting process.” 

Financial institutions have a duty to maintain teams 

of investors that best reflect the diverse backgrounds 

of the clients they serve, and in turn, studies show 

diverse teams yield higher returns and have better team 

dynamics. 

Grace Ann Tankersley, who has attended several 

leadership conferences, shares, “Through FMA, I’ve had 

the opportunity to identify and be involved in several 

leadership programs, including Girls Who Invest. 

These programs help students explore their desired 

career paths and assist with the corresponding required 

training early in the recruitment process. It’s inspiring 

to be surrounded by diverse leaders and to learn from 

successful executives in the field who have had to 

overcome their own personal challenges.” 

FMA believes in this cause and pushes women and 

minorities to lean in – to engage early, and allow their 

voices to be heard. 


GIRLS WHO INVEST 

38 FMA 2019-2021 2021-2023 MAGAZINE 

In 2023, FMA celebrated its 6th student acceptance 

into the prestigious Girls Who Invest (“GWI”) 

Summer Intensive Program. GWI seeks to address 

the gender imbalance in the male-dominated asset 

management sector by equipping women with the 

necessary technical and behavioral skills to succeed 

in a career in investing. This 10-week program entails 

four weeks of classroom experience at Wharton 

and Notre Dame, followed by a six-week internship 

with a leading asset manager. The training portion 

of the program culminates into a capstone project, 

where women have the opportunity to consult with a 

Fortune 500 company’s investor relations team and 

formulate a pitch to a committee of investors. 

Grace Carr, a rising junior and 2023-2024 FMA 

director of operations, completed the program in 

summer 2022. Grace’s expectations were based on 

the experiences of previous GWI alumni: lots of 

long days, hard work, and late-night chats with new 

friends. “I spent the first portion of the program, 

four weeks of intensive training culminating in a 

final presentation, in Philadelphia at the University 

of Pennsylvania’s Wharton School. After that, I 

headed to New York City to join the investment team 

at Casey Family Programs as a summer intern.” 

That sophomore internship helped Grace to obtain 

her 2023 junior internship in NY as an analyst for 

Commonfund on the Outsourced CIO team. 

“Through GWI, I was immersed in a supportive 

community of ambitious, like-minded women, where 

I not only gained invaluable knowledge about the 

world of finance, but also formed lifelong friendships. 

I am so thankful to GWI for providing me with 

such a rare opportunity and the hands on practical 

experience to explore a career in asset management. 

During my internship at Casey Family Programs, 

Joseph Boateng and the team invested so much of 

their time and experience with me and provided 

me an opportunity to join a West Coast trip – an 

experience I am forever grateful for!” 

Cortney Sherman, our sixth GWI summer scholar, 

was accepted to the program for 2023 and spent the 

summer interning as a global equities analyst with 

Wellington Management in Boston. “GWI pushed 

me out of my comfort zone technically, socially,

Leadership Program Highlight 

and personally,” said Cortney. “The program 

was challenging, yet rewarding, and a privilege 

to be instructed by such knowledgeable industry 

professionals. GWI set me up with an expansive 

network and the incredible opportunity to work at 

Wellington Management. I look forward to bringing 

what I’ve learned back to ASIF this fall.” 

GWI’s goal is simple: Build a pipeline of female asset 

managers so that 30 percent of global investable 

capital is managed by women by 2030. FMA shares 

in this vision. Former GWI alum Jenny Herrell 

contends, “We believe financial literacy offers women 

and minorities the opportunity to hold power over 

their future, pursue a career with influence, and 

ultimately better their communities and bring about 

change in both political and social spheres. Financial 

literacy provides the opportunity to control your own 

wealth, and wealth implies power, which ultimately 

garners influence.” 

Throughout the summer, the GWI scholars that 

participated in the program, share feedback with 

ideas for programing and training, adding to the 

framework for the Auburn Student Investment Fund, 

which they participate in. 

FMA’s program director, Tracy Richard explains: 

“FMA’s accomplishments and prestige are built 

on student drive and ownership. When our GWI 

scholars return to campus, our goal is simple: rally 

behind a candidate and aim to place the next woman 

into GWI.” Program participants help to prepare 

other applicants to the program to follow in their 

footsteps. 

Ø 

Ø 

Ø 

Ø 

Ø 

Ø 

FMA Identified opportunity with one of the most prestigious diversity programs in the country 

FMA works with target students to prepare application and recommendation packet 

Student is selected – GWI provided 6 weeks of academic training at Penn then places her with partner investment management 

firm for summer internship 

This experience makes program graduates highly prepared for recruiting cycle 

Prior participants work to identify and prepare subsequent nominees, who are assisted with application 

Prepare student 

and application 

Leadership 

program 

acceptance 

LEADERSHIP PROGRAMS 

FMA-GWI women continue to invest in the program and support undergraduate applicants 

Academic 

training 

Top internship 

Elite career 

placement 

Graduates are engaged, grateful, and motivated to stay involved 

Leadership Program Highlights 

• FMA identifies opportunity with one of the most prestigious 

diversity programs in the country 

• FMA works with target students to prepare application and 

recommendation packet 

• Student is selected – GWI provided 4 weeks of academic 

training at Penn then places her with partner investment 

management firm for summer internship 

• This experience makes program graduates highly prepared 

for recruiting cycle 

• Prior participants work to identify and prepare subsequent 

nominees, who are assisted with application 

• FMA-GWI women continue to invest in the program and 

support undergraduate applicants 

FMA women believe in assisting one another 

and lending a helping hand to see junior female 

members succeed – a sentiment clearly seen in 

the advancement of all FMA women but a culture 

that began long before their membership. FMA’s 

mentorship and early identification has led to 

the development of countless female leaders that 

continue to pour into this program. Without 

their dedication and hard work, the organization 

would not have reached the feats they boast today. 

Ownership, drive, and stewardship are the qualities 

ingrained in these young leaders and have been 

an integral focus since the program’s inception. 

Members believe in the organization’s mission to 

increase diversity in the financial services industry, 

for they have witnessed firsthand the successes that 

stem from the mentorship and encouragement that 

occurs within the walls of FMA. 


Case Competitions 

40 FMA 2021-2023 2019-2021 MAGAZINE

FMA students represented FMA in eight case competitions 

over the last two years: KROLL YOUniversity Deal Challenge, 

the CFA Institute Research Challenge (two years), the UGA 

Stock Pitch Competition (two years), University of Michigan’s 

Investment Conference, Bloomberg Trading Challenge, and 

the Harvard Global Business Case Competition. 

The CFA case competition provides 

students with hands on mentoring and 

intensive training in financial analysis 

using analytical valuation, report writing 

and presentations skills. The 2022 

team took second place in the regional 

competition and included members James 

Rosen, Stephen Sadie, Wesley Lowman, 

and Emily Dunaway. “It’s good for the 

students to participate in such a large-scale 

competition and compete with other top 

schools. I’m so proud of our students,” said 

Albert Wang, associate professor in finance 

at Harbert College, who serves as an ASIF 

faculty advisor as well as the CFA case 

comp advisor. 

2022 was the first time that Auburn 

participated in the UIC at Michigan. With 

approximately 200 entrants, UIC invited 

the top 25 to come to campus for a live 

pitch. Both FMA teams were invited and 

made the trek to Ann Arbor. Each team 

is expected to pitch an equity (minimum 

market cap of $500mm), long or short. 

Selections must be a stock (common or 

preferred). The opportunity is evaluated 

as a long or short position with a three-totwelve-month 

investment horizon. FMA 

participants across both teams included 

Chris Harrell, Grace Ann Tankersley, Hallie 

Ramsey, Pierson Black, Patrick Sullivan, and 

Brady Arnette. 

Case competitions provide FMA students 

with practical, hands-on application and 

industry exposure, and students continue to 

proudly represent our program at regional 

and national competitions. 


DUFF DYNASTY 

Auburn FMA Students Win Third 

Consecutive National Championship 

and Second Consecutive International 

Title in Prestigious Global Competition 

BY MICHAEL ARES 

Auburn University’s Chapter of the Financial 

Management Association (FMA) once again secured 

top honors in the global Kroll One Team Challenge 

(formerly Duff& & Phelps YOUniversity Challenge). 

The win marks the third year in a row that the Auburn 

FMA students won nationals, and the second time that 

they won internationals. The grand prize amounted to 

$30,000 in scholarship money for the students. 

Auburn beat out fellow student finalists from The 

University of Southern California and Yeshiva 

University to win the right to move on to the annual 

YOUniversity Deal Challenge contest in London, 

England, where they topped teams from the other 

regions: Asia, India, and EMEA (Europe, Middle East 

and Africa). The annual challenge engages teams 

of business students from leading universities and 

colleges across the world to showcase their finance 

skills through simulated case studies. 

The Harbert College of Business sat down with Nick 

Iannone, a junior in Finance at Harbert and leader of 

this year’s winning FMA team, to find out how Auburn 

students continue to excel in this unique competition, 

which blends proficiency in core financial analysis 

principles with real-world experience and practical, 

market-based factors. 

HARBERT Let’s start with the basics – how did you and 

your Auburn teammates Maggie Richard 

and Luke Sexton manage to get to the 

finals of the America’s region for the third 

consecutive year to begin with? How many 

teams in your region vied for those highly 

coveted three spots? 

NICK 

HARBERT 

As for who we were up against, there were 

more than 100 teams from across the North 

Americas region and 250 teams globally 

competing for the ultimate title – some of 

the highest-ranked programs in business 

education. Getting to the national finals 

once again wasn’t easy by any stretch, but 

in my opinion, the “secret” to Harbert’s 

unprecedented record of success is twofold 

– it all comes down to willingness of 

all team members to go above and beyond 

coupled with the tremendous, virtually 

unlimited support we are blessed with here 

at Auburn. 

Can you describe how you and your 

colleagues approached the challenge as a 

team? 


CASE COMPETITIONS 

NICK 

While we are a student-run organization, the Auburn 

FMA program wouldn’t be where it is today without 

Tracy Richard, Director of the Integrated Financial 

Leadership Program in the Department of Finance. It 

all begins with Tracy. She started the FMA program at 

Auburn and, in fact, Tracy was the first person I spoke 

with when I transferred to Auburn as a junior. 

It was clear to me from the start that she cares deeply 

about Auburn and Auburn students – FMA or not, she 

wants us to be successful. 

Also, our team’s success wouldn’t have been possible 

without the insight, guidance and relentless support we 

received from our FMA predecessors. 

Kennedy Jarvis is a senior at Auburn and FMA Co- 

President. Kennedy was part of the winning team 

last year and generously served as a critical source of 

mentorship for this year’s team. She and the other FMA 

alums were eager to pay back the support they received in 

the past – that was invaluable. 

NICK 

Sure. All teams in this year’s competition were provided 

information on a hypothetical digital media company 

serving the sports and entertainment industry. We all 

were tasked with the same three objectives: 

• The first was to provide an analysis of the industry in 

which the hypothetical company operates…a market 

analysis. 

• The second was to conduct an equally deep 

analysis of the phantom company itself, including – 

importantly – establishing a valuation. 

• Third – and perhaps most important – we all were 

tasked with creating a strategy and plan of action 

for raising $50 million in capital to support the 

hypothetical company’s progress going forward. 

These three components of the challenge demand a wide 

range of skills and a high level of cooperation from team 

members. While there were individual steps and tasks 

to be completed, it was the integration of those tasks 

into a clear, concise and compelling pitch that made the 

difference. Each of us had to step up and deliver our 

individual contributions while also being mindful of how 

those contributions needed to be framed in the overall 

pitch. 

HARBERT 

NICK 

I’d also like to thank Jimmy Brewster and Krista Alexton 

– both FMA alums – for their support. They never 

hesitated to answer our questions or hop on a call with us 

to walk through the various aspects of the model we were 

developing and the presentation we were creating. 

That sounds like “paying it back” or “paying it forward,” 

depending on how you look at it. 

Exactly. I’d say both. What you’ll find with FMA alums 

is that they value their experiences in FMA so much that 

they want the next class of FMA at Auburn to have even 

more success, even better opportunities than they did. 

That’s the DNA of Auburn’s FMA program. We’d like 

nothing better than to help next year’s Auburn team 

succeed. We’re here because of the great guidance and 

help we received along the way, and we want to pay that 

effort and value back to Auburn students, especially the 

next class of FMA. 

HARBERT 

Moving on to the support you cite as the second key 

component of success. Can you elaborate? What 

resources were available to you and how did that 

contribute to your team’s success? 


HARVARD GLOBAL ‘23 

Financial Management Association students 

win prestigious Harvard-run case competition 

BY LAURA SCHMITT 

A team of Auburn University finance and 

engineering students has won the 2023 

Global Case Competition at Harvard, one 

of the most prestigious student-organized 

case competitions in the world, beating out 

more than 175 other collegiate teams. 

Competing teams were presented with 

the hypothetical case of multinational 

technology company Siemens purchasing 

wind turbine company Vestas. After an 

initial round of judging, the top 10 teams 

had three weeks to prepare a 75-page deck 

discussing the feasibility of the transaction, 

as well as outlining a possible alternative 

acquisition. 

Additionally, each group was tasked with 

analyzing industry research to perform 

valuations that detailed the financial 

implications of alternative deals. 

“Our students went above and beyond in 

their analysis,” said Tracy Richard, director 

of Auburn’s Harbert College of Business 

Integrated Financial Leadership Program 

(IFLP) and faculty advisor to the Financial 

Management Association (FMA). “They 

rejected the proposed acquisition, and 

then did extensive research to propose an 

alternative acquisition that would not only 

be accretive but would align with Siemens’ 

forward-looking strategy.” 

In announcing the competition winner, 

Asya Potemkina, a competition judge with 

HSBC Private Bank, stated the Auburn team 

was a unanimous choice among the judges. 

“We had no doubt that (Auburn) was 

the winner,” she said in the online video 

announcement. “You have done a great 


presentation, an absolutely great video…and 

you killed the Q & A. You completely helped 

each other in answering the questions, and 

your answers were right.” 

The Auburn FMA team members are finance 

students Jameson Fecteau, Jack Perkins and 

Lauren Rutherford, as well as engineering/ 

computer science student Wesley Lowman. 

According to Richard, in addition to the 

time the team spent drilling down on the 

financials, they also invested in mastering 

small details of the case and presentation— 

from filming a professional quality 

presentation to practicing ad nauseam for 

the Q&A. 

“Our students proved that practice (and 

hard work) makes perfect,” Richard said. 

“We are incredibly proud of how well these 

students represent the Finance Department 

and the Harbert College of Business,” said 

Keven Yost, Synovus Fellow and chair of the 

Department of Finance. “Their hard work 

and professionalism, combined with what 

they learned in the classroom and FMA 

trainings, set them up for success. I know 

they will continue to achieve academic and 

professional success.” 

Team member and senior Fecteau attributes 

the team’s victory to each person’s 

dedication, preparation and unique skills. 

“Going into the case, everyone had a clear 

vision of what our deck needed to look like 

and the story it needed to tell,” he said. “We 

had met weeks prior to the competition 

to discuss our plan, so when the case was 

released, we were able to hit the ground 

running...and we made sure to play to 

everyone’s strengths.” 

According to Richard, the team worked 

tirelessly on the case during the past two 

months, even spending spring break week 

finishing up their pitch. 

“It’s great to see their dedication pay off,” 

said Richard. 

That level of dedication is a hallmark 

of FMA, which provides its members 

with opportunities to participate in an 

CASE COMPETITIONS 

alumni mentorship program, practical 

application classes in financial modeling, 

security analysis, portfolio management 

and advanced investments, as well as 

the national and international case 

competitions. 

For the past two years, FMA students have 

won first prize in the Kroll One Team 

Challenge, a prestigious international 

contest that attracts hundreds of top-tier 

colleges of business in the world who square 

off to conduct an analysis of a hypothetical 

company, establish a valuation and then 

develop a business strategy. 

Regularly competing on a world stage 

against the best of the best helped the 

Auburn team win the Harvard-run case 

competition. 

“Having built multiple pitches in the past 

was extremely beneficial as we were able 

to tell a convincing story through our 

analysis,” said Fecteau. “On the technical 

side, emphasis on financial modeling within 

the organization was one of the largest 

helps. Because of this, we were able to 

discuss our assumptions on a high level 

while working through a merger model 

without hesitation.” 

The Auburn team received its $10,000 

first-place prize at the competition’s gala on 

April 29 at Harvard University. 


UNIVERSITY AND 

NATIONAL AWARDS 

Auburn University FMA Honor Society Presented with 

Superior Chapter Award for the Sixth Year in a Row. 

MOST EXCEPTIONAL CAMPUS ORGANIZATION • NATIONAL FACULTY ADVISOR OF THE YEAR 

SUPERIOR CHAPTER • BEST IN CAREER READINESS • NATIONAL EXECUTIVE OF THE YEAR 


INTEGRATED EARNINGS 

For the sixth year in a row, in spring of 2023, FMA was named 

Superior Chapter by the FMA national organization. Our 

chapter was also recognized with the 2023 National Executive 

of the Year and 2022 Faculty Advisor of the Year awards. 

At the University level, FMA received the Most Exceptional 

Campus Organization award in 2022 and the Excellence in 

Career Readiness Award for the second time, at the 2023 AU 

Involvement Ceremony. 

A prime example of our emphasis on practical application and 

career readiness can be seen in FMA’s new member development 

program. This curriculum includes a rigorous twelve-week 

intensive training program designed to prepare students for elite 

careers in finance. This comprehensive academic preparation 

entails over 40 hours of intensive training including: 

• Online training guide with a schedule and syllabus 

• Wall Street Prep Video Curriculum with accompanying 

PowerPoint deck 

• Technical Finance Question Guide 

• Behavioral Question Guide 

• Weekly homework 

• Networking assignments 

• Internal mentors 

• Professional development seminars 

• Weekly meetings to cover technical and behavioral 

topics 

• Capstone mock technical interview and discounted 

cash flow analysis project 

This new member training is only the beginning. Members 

continue their training with four FMA/ASIF specific courses: 

Advanced Modeling, Advanced Investments (est. Fall 2023), 

Advanced Security Analysis, Advanced Portfolio Management. 

These honors recognize our accomplishments as an elite 

financial preparation program that combines education, career 

preparation, industry intellectual capital, alumni engagement, 

and information resources to produce the best trained and 

prepared students for finance careers. “Auburn FMA is fueled by 

students and alumni…who are there to help each other and the 

University,” said Nick Thompson, senior in finance and Auburn 

FMA co-president. “We are passionate about providing practical 

skills and resources that make tangible impacts.” 

These training efforts resulted in an average starting 

compensation of $148,400 for our 2023 graduates. 


AWARDS & SCHOLARSHIPS 

FINANCIAL MANAGEMENT 

ASSOCIATION CO-PRESIDENT 

ACKNOWLEDGED WITH 2022 

AUBURN PRESIDENT’S AWARD 

FOR HARBERT COLLEGE 

“FMA has by far been the most impactful and best 

part of my auburn experience. It’s hard to quantify 

or put into words the personal and professional 

growth I have undergone as a direct result of this 

organization and the people in it.” 

When Auburn Director of the Financial Leadership Program Tracy 

Richard was asked to describe Kennedy Jarvis, a 2022 graduating 

senior in finance, she didn’t hesitate. “Kennedy is a student 

leader whose academic and professional example inspires other 

students and colleagues in all areas of campus life. Her leadership 

endeavors in the Auburn Student Investment Fund (ASIF) as well 

as the Financial Management Association (FMA) have resulted 

in elite and definable outcomes for many students, in and out of 

those two organizations. I can think of no one more deserving of 

the President’s Award.” 

Kennedy, from Nashville, Tennessee, applied for and joined the 

Financial Management Association (“FMA”) and the Auburn 

Student Investment Fund (“ASIF”) her freshman year. She began as 

a junior analyst and eventually advanced up the ranks to ASIF sector 

director, Fund co-president, and eventually, FMA co-president. 

In addition to the President’s Award, Ms. Jarvis received the 

prestigious Yates Award for outstanding junior by Phi Kappa Phi. 

Kennedy participated in many case competitions while at Auburn, 

where she continued to define success. During both her sophomore 

and junior year, KJ on the FMA team that won the national title 

in the Duff & Phelps (KROLL) YOUniversity Challenge. Leading 

the team her junior year, Kennedy’s team went on to win the 

international title. Richard adds: “Kennedy is one of the brightest 

and most charitable students I’ve met, she doesn’t wear her 

accomplishments on her sleeve, but humbly seeks opportunities to 

share her knowledge with other students. I’ve seen Kennedy work 

tirelessly to succeed with her lofty goals. She’s always learning, 

always seeking a better way to do things – a better way to help her 

fellow students. That is why, when I approached Kennedy about 

helping our younger students for the 2022 YOUniversity Challenge, 

she quickly jumped on board, acting as a student mentor for the 

team – which went on to again claim the international title in 

London.” Nick Iannone, a member of the 2022 team was quick to 

KENNEDY 

JARVIS 

acknowledge Kennedy: “She was a great resource for our team and a 

consistent inspiration.” 

Jarvis reflects on her involvement with FMA: “FMA has by far been 

the most impactful and best part of my auburn experience. It’s 

hard to quantify or put into words the personal and professional 

growth I have undergone as a direct result of this organization and 

the people in it. I joined FMA on a whim, interested in the prospect 

of career development, and am leaving it having met some of my 

favorite people of all time. I am so beyond thankful for everyone in 

this organization and for the way they have entrusted me to lead 

it for the last year. It can be a daunting job, but it has by far been 

the most fulfilling one I’ve ever had. Everyone in this organization 

has positively impacted me, and I’m leaving with an overwhelming 

feeling of gratitude to everyone — from Tracy to alumni to 

members to new candidates. I’ll miss you all more than you know.” 

After graduating with a 4.0 and many accomplishments under her 

belt, KJ joined Moelis in NYC full time as an investment banking 

analyst. We know without a doubt that she will continue to do great 

things with her future endeavors. Thank you, KJ - for all that you 

have poured into this organization and its student members. We are 

all better off because of your efforts, dedication, and drive. 


HARBERT’S SPRING 

GRADUATION MARSHAL 

EYES FUTURE ON NEW YORK 

FINANCIAL SCENE 

BY TROY TURNER 

Maggie Richard already has a resume loaded with notations of 

award-winning leadership, and now she is adding another by being 

chosen as the Spring Class of 2023 graduation marshal representing 

Auburn’s Harbert College of Business. Richard is graduating with 

a 4.0 GPA and a degree in finance. She grew up in Auburn, but her 

impressive list of accomplishments and steadfast display of business 

acumen has her career path already set for moving to the Big Apple. 

“After graduation, I will be headed to New York City to work in 

investment banking for TD Securities in their Leveraged Finance 

group,” she said, attributing her interest in finance to an early 

influence from her mother. “My mom has always been my role 

model and biggest fan. Growing up, she would walk me to the bus 

stop while reading the Wall Street Journal,” Richard said. “Her 

passion for giving women in finance a seat at the table has always 

been an inspiration to me. When I came to Auburn, I decided to 

follow in her footsteps in hopes of promoting more women in the 

industry.” 


Richard’s love of Auburn came naturally, she said. “Growing up 

in Auburn, I spent most of my childhood cheering on Auburn at 

football games, rolling Toomer’s, and getting lemonade downtown,” 

she said. “I love the small-town feel of Auburn and the community 

surrounding the university. Therefore, when it came time to choose 

my college, I knew that Auburn was the one.” 

During her time at Auburn, Maggie spent a year working as a 

student ambassador for the HCOB Executive Society, but her 

primary involvement was with the Auburn Student Investment 

Fund and the Financial Management Association (FMA). 

Jeff Hart, senior lecturer in finance at Auburn, recommended 

Richard for the grand marshal honor and explained in his 

nomination letter why he found her so deserving: “As co-president 

of FMA, Maggie takes it upon herself to lead by example and further 

push the FMA program to excellence. She has represented Auburn 

University in several business case competitions, including the 

Kroll International YOUniversity Challenge, where she and two 

other students competed against 250 teams internationally,” Hart 

said. “Maggie helped to propel Harbert College of Business into 

the international spotlight when Auburn first won nationals, and 

then beat out teams from France, India, and China to claim the 

international title in the 2023 London finals. Also, as FMA copresident, 

she has overseen the opening of the Financial Leadership 

Center, where Maggie has spent countless hours mentoring 62 

active members and training a class of 40 new candidates, fostering 

an environment of hard work and servitude.” 

“Coming to Auburn, I knew that I wanted to pursue a career in 

finance but had little idea as to what that looked like,” Maggie 

said. “I decided to reach out to Jenny Herrell, the CIO of the 

Auburn Student Investment Fund, to learn more about finance 

and the program. I am extremely grateful for Jenny’s mentorship 

and friendship. She took me under her wing and encouraged me 

to interview for FMA. That is what the organization is all about. 

Members go through training and are placed at incredible firms,” 

Richard said. “However, it doesn’t end there. Once placed, FMA and 

ASIF members look to the younger generation to help them prepare 

for future opportunities. I can honestly say that I would not be 

where I am today without the support of the program and the doors 

that it has opened for me.” 

Congratulations, Maggie. FMA is grateful for your dedication and 

stewardship – we know you’ll continue to do great things. 

MAGGIE 

RICHARD 



OLIVIA 

BALJET 

2023 STUDENT LEADER 

OF THE YEAR AT THE AU 

INVOLVEMENT AWARDS 

“Working with Olivia is a constant 

reminder of what it means to be an 

Auburn woman with a spirit that isn’t 

afraid. “ - Abby Ronson, AU SGA 

Coming to Auburn from Atlanta, Olivia quickly set out to make 

her mark as an active and involved student. While at Auburn, 

Olivia worked in the provost’s office and got involved with several 

organizations: Financial Management Association, War Eagle Girls 

and Plainsmen (WEGP), Mortar Board, ODK, and Delta Gamma 

Sorority. Within these organizations, Olivia took the time to be 

intentional with the members involved, especially those younger 

than her. 

In FMA, Olivia served as a peer mentor for younger members – 

always willing to meet and share her experiences, Olivia helped 

underclassmen develop the necessary career readiness skills for 

getting internship and full-time positions. As sophomore FMA 

member, Caldwell Connely stated: “Olivia is the kind of mentor that 

gives not only professional advice, but also life advice from a true 

point of caring. She is extremely empathetic and down-to-earth - a 

mentor who looks out for those that want to follow a similar path.” 

John Boles Jr., another recipient of Olivia’s selfless mentoring 

adds: “I came to Auburn as an inexperienced freshman, not 

really knowing what I wanted to do or who I wanted to be. Olivia 

was one of the first people to reach out and use her wisdom and 

thoughtfulness to help me feel accepted and valued in an otherwise 

intimidating environment. She selflessly took the time to help me 

become successful.” 

In WEGP, Olivia served as vp of operations, where she was 

responsible for day-to-day operations. “Olivia is a humble leader 

who shows others the right path by setting the example herself,” 

says Jake Haston, AU student body president and fellow WEGP 

member. “She takes on more responsibility than is asked of her, 

and she never complains, regardless of how difficult and timeconsuming 

the tasks may be. She is someone that other people look 

up to, and she exemplifies what it means to be a servant leader.” 

Olivia also served as the president of Auburn’s Mortar Board and set 

out to add structure, re-registering the AU chapter with the national 

association. Through her role as president, Olivia led several service 

projects and food donation drives. 

Academically, Olivia excelled at Auburn as an Honors College 

student. She graduated summa cum laude, making the dean’s list 

all eight semesters of her enrollment and was also the recipient of 

numerous merit-based scholarships. 

Olivia will join Truist Securities full time in Atlanta as a credit 

delivery analyst. We have no doubt she will continue to stay 

involved as an active Auburn alumnus! 



WESLEY 

LOWMAN 

In the spring of 2023, FMA celebrated the 

recognition of our multi-talented CIO, Wesley 

Lowman, when he received the Jeff and Linda Stone 

Leadership Award from the College of Engineering. 

The award promotes the development of leadership abilities in 

Auburn’s engineering students and was established to recognize 

Auburn Engineering students who have exhibited outstanding 

leadership in areas beyond engineering. The annual award amount 

is $3,000. 

Wesley has excelled as a leader in both FMA and ASIF. Prior to 

being named chief investment officer for ASIF, Wes served as the 

chief technology officer for FMA and a sector director for ASIF. 

His knowledge of business, as well as his engineering prowess, also 

gained Wes a spot on the coveted Harvard Global Business Case 

Competition – where Wesley managed the graphics and videography 

output for the team. These efforts helped to bring home the 

international first place title. The young steward gives back to the 

College of Engineering as well as a Cupola ambassador. 

It’s impressive to note that Wesley accomplished all of this while 

completing three internships with NASA over the past year, working 

40 hours a week developing software for the Marshall Space Flight 

Center’s Structural Strength Test Lab. He made amazing progress 

while at NASA, including developing multiple desktop applications, 

including a messaging system for the apps, from the ground up. 

TRACY 

RICHARD 

In spring of 2023, FMA/ASIF Director Tracy 

Richard was named the Cory Edwards Organization 

Advisor of the Year for the second time. Tracy was also 

named Superior Advisor by FMA National Student Organization for 

the third time in 2022. 

Katie Leone, FMA’s VP of external engagement, nominated 

Richard for the AU Involvement award: “Coming to Auburn from 

Pennsylvania, I knew few people and had absolutely no idea what 

I wanted to do. That is, until I met with Tracy Richard for the first 

time. I vividly remember sitting in her office as a senior in high 

school after my Harbert College of Business tour. Surrounded by 

posters that boldly read the words, Finance Rocks, I listened as 

Professor Richard told me about the myriad of opportunities for 

women in finance. ‘You can accomplish whatever you set your mind 

to. Don’t let anyone tell you differently’, she told me. Her attitude and 

guidance ignited a fire inside of me that I carry with me to this day. 

She has been my support system during my college years. I know that 

I can go to her with anything and for that I am eternally grateful.” 

Nick Thompson, FMA co-president adds: “Tracy’s advice and 

knowledge has not only helped me, but also many of my peers. She’s 

the kind of leader who makes everyone around her want to work 

harder. She relies on the students to help run FMA and thoughtfully 

places each of us in roles that play to our strengths. Her efforts are 

intentional, and the results speak to that. As I proceed to graduate 

in May, I will not forget the organization which shaped me and the 

mentor who taught me the importance of grit, selflessness, and 

gratitude.” 


EXECUTIVE RECOGNITION 

In 2022, Steven Aldridge was named 

National Executive of the Year by 

FMA’s national organization. A current 

board member, Steve has backed his 

words with action since the founding 

of FMA. The Auburn grad and veteran 

Wall Street banker has been actively 

involved since the grassroots stage of 

building this organization - including 

recruiting, financial support, employer 

networking, and student mentoring…and 

always as a reliable sounding board. “I 

was so excited to present Steve with this 

acknowledgement,” said Tracy Richard, 

FMA director. “Steve hosted the students 

during our first trip to New York. When 

I told him what we were trying to do, he 

said pointedly, ‘You make this thing work 

and I’ll help however I can.” Help is an 

understatement for the level of support 

that Steve has provided, including serving 

as the official emcee for our flagship event, 

the FMA Financial Leadership Summit, 

where he first attended as an executive 

panelist in 2017. 

While Steve was a student at Auburn, he 

wasn’t exactly sure where his interests 

would take him, but he knew he wanted 

a challenging and fast-paced career, and 

most importantly, he knew he wanted to 

“do deals.” That dream is now a reality for 

Steve, who currently serves as a Managing 

Director in the Healthcare Investment 

Banking division at Cantor Fitzgerald. 

Steve graduated from Auburn University 

in 2007 with a degree in Finance, and 

has since been living and working in 

Manhattan, New York. He grew up in Los 

Angeles, Hong Kong, and New Jersey, 

before making his way to Auburn and 

ultimately, New York City. Throughout 

his time at Cantor and his previous firms, 

Steve has advised on over 150 transactions, 

including numerous multi-billion-dollar 

M&A deals, and several of the largest 

biotech IPOs and debt financings in 

history. 

Prior to joining Cantor in May of 2016, 

Steve worked in the Healthcare Investment 

Banking division at Jefferies LLC, a global 

middle market investment bank in New 

York. Prior to his time at Jefferies, Steve 

started his career within the M&A group 

at Vornado Realty Trust, a New York based 

REIT, as well as a small family office fund 

dedicated to biotech investing. 

How does Steve define success? “I 

define success as the combination of 

accomplishment and appreciation, as 

one without the other leaves a void, 

in my opinion. My personal success is 

the product of spending years getting 

comfortable being uncomfortable, 

continuous challenges, and ultimately 

when my day job became a privilege.” 

“I’ll always remember meeting Tracy 

during the spring of 2015 in NYC, when 

she first shared with me her vision for 

the FMA. Fast forward nine years - not 

only has the FMA success exceeded my 

expectations as far as undergraduate job 

placement and overall reputation, but I’ve 

been lucky enough to experience numerous 

FMA graduates first-hand here at Cantor. 

Their skills and preparedness is on par 

with some of the best in the business. 

Unfortunately, the Program didn’t exist 

when I was at Auburn, but I am very proud 

to be associated with FMA today.” 

Thank you, Steve. You’ve been a driving 

force for this organization and an 

inspiration for hundreds of Auburn 

students. 

EXECUTIVE RECOGNITION 

STEVEN ALDRIDGE 

2022 FMA National Executive of the Year 


RECOGNIZED FACULTY 

LEE COLQUITT 

RECOGNIZED FACULTY 

In the spring of 2022, FMA held a roast & toast to celebrate 

the career of Dr. Lee Colquitt, who was stepping down as 

Finance Department Chair, after ten years in the role. 

It was under Dr. Colquitt’s leadership 

that FMA was officially established as an 

honors program in the fall of 2014. From 

concept, to creation, and throughout FMA’s 

evolution, this organization’s success would 

not be possible without Lee’s constant 

support, dedication, and behind the scenes 

blocking and tackling for FMA’s cause. 

An Auburn Tiger through and through, Dr. 

Colquitt graduated from the University 

with an economics degree from the 

College of Business in 1987. After receiving 

his PhD from Georgia, Lee came back 

to the Plains as an assistant professor, 

eventually elevating to the role of professor 

in 2006. In 2012, Lee accepted the role 

of department chair, where he served 

from 2012-2022. Although Dr. Colquitt 

will no longer be working in the Finance 

Department, he will continue to positively 

impact the HCOB in his new role as special 

assistant to the dean. 

FMA sat down with Dr. Colquitt and asked 

him to reflect on his involvement with our 

organization. Lee shared: “When I think 

about the unbelievable performance of 

the Duff & Phelps case competition teams 

over the last several years, in some ways, it 

most clearly captures how far the FMA has 

come since it began in 2014 with its first 

38 new members. From being a brand-new 

startup with absolutely nothing written on 

a very clean slate, to competing with (and 

outperforming) the best students in the 

world. It’s amazing. FMA has accomplished 

in eight short years what any program 

would be proud to have developed over 

several decades. There’s honestly no way I 

could have ever imagined FMA being what 

it has become.” 

FMA would like to express our deep 

appreciation for all that Lee has done 

for our students, the department, and 

the HCOB. Tracy Richard, FMA director 

shares: “Lee is gracious, kind, hardworking, 

funny, and extraordinarily 

talented. Our FMA students will never fully 

appreciate how much his work behind the 

scenes positively impacted the success of 

this Program. I look forward to sharing 

with Lee the future success of FMA. And 

I appreciate him for being such a valued 

colleague and trusted friend.” 

Thank you, Lee, for making FMA possible, 

and for all the hard work you’ve done 

serving our students and this organization 

so faithfully and effectively! 


ALUMNI RECOGNIZED RESEARCH 

ALUMNI RECOGNIZED RESEARCH 

DAVID ALDERMAN 

A New Metric to Evaluate Crypto Ecosystem Fundamentals: The yearsto-profitability 

ratio is a good way to evaluate a level-1 blockchain. 

BY DAVID ALDERMAN, CHRISTOPHER JENSEN 

When evaluating layer-1 (L1) blockchains, many fundamental 

investors focus on metrics such as price-to-earnings or price-tosales 

ratios. While these metrics are important, they ignore the 

programmable aspect of a blockchain’s token supply. Because a 

blockchain’s emissions schedule (i.e., when new tokens will enter 

circulation due to staking rewards and token unlocks) is known, 

its cost structure into the future is essentially known as well. 

The years-to-profitability (YTP) ratio is a useful new metric for 

analyzing an L1’s profitability as it incorporates the blockchain’s 

forward supply curve. It applies the traditional finance (TradFi) 

concepts of breakeven analysis and payback periods to crypto. 

The analysis views an L1 blockchain through the lens of a business 

that sells secured blockspace. Revenues are the fees that users 

pay to record transactions on the chain, and expenses are the 

costs needed to secure the network. YTP calculates a blockchain’s 

profitability timeline by factoring in the protocol’s current revenue 

and cost structure, a projected growth rate (CAGR) and future 

supply dynamics. 

We find YTP compelling because it provides a comprehensive 

framework for evaluating an individual blockchain or comparing 

multiple blockchains. 

We start our calculation with Token Terminal’s definition of L1 

profitability: 

Transaction Fees 

(-) Supply Side Fees 

Revenue (Burned Fees) 

(-) Token Incentives (Unlocks, Staking Rewards, etc.) 

Net Profit 

It is important to note that all revenues and costs are denominated 

in the L1’s native token. And, while unlocks and staking rewards 

both increase the number of tokens in circulation, the difference 

between transaction fees and the portion of those fees paid to 

proof-of-stake validators is what is used to burn or reduce the 

number of tokens in circulation. In this sense, YTP measures the 

point at which an L1’s circulating supply stabilizes at 0% inflation. 

Some broad assumptions we make are: 

• The percentage of the transaction fee burned remains constant. 

• The foundation takes 10 years to sell all its tokens. 

• For revenues, we use the L1’s revenue for the last quarter 

annualized. 

In comparing YTP across blockchains, it’s helpful to group the L1s 

by whether they have an inflationary tokenomic model or a max 

supply model, because with the latter, an L1 might “break even” 

simply because the chain’s fixed supply was reached (as modeled 

for SUI or ADA). Here’s an analysis for multiple blockchains, with 

Ethereum and Binance Smart Chain excluded because they are 

already profitable: 

Years 

80 

70 

60 

50 

40 

30 

20 

10 

-- 

13 

10 

8 

25 

19 

15 

31 

23 

19 

Years to Profitability 

(Assuming Various Revenue Growth CAGRs) 

40 

29 

23 

30% 40% 50% 

∞ 

8 8 

7 5 

8 

9 

7 7 

6 

SOL NEAR ICP APT XTZ FIL AVAX FTM SUI ADA 

Sources: The Tie, Token Terminal, Artemis, Franklin Templeton Estimates 

Then, by using the same set of growth rate assumptions for each 

chain (we calculated future CAGRs of 30%, 40% and 50%), we can 

make comparisons across chains and explore more deeply what 

drives YTP. For example, while APT has a high YTP, this is partially 

because the chain is relatively new and therefore its revenues 

are smaller than those of other more established chains. SOL 

has modest inflationary schedules compared to blockchains like 

NEAR or ICP. In all examples, a blockchain’s ability to burn tokens 

(and provide some kind of offset to new emissions) is helpful for 

managing YTP. 

40 

40 

40 

58 

58 

58 

This article was co-written by FMA alumnus David Alderman, who is currently working as a research analyst for Franklin Templeton Digital Assets and appeared on the 

website Coin Desk on 7/5/2023. 


ALUMNI RECOGNITION 

This year Yellow Card co-founders Chris 

Maurice and Justin Poiroux were recognized 

in the “Big Money Startups” category of 

the Forbes 30 under 30 for their work and 

contribution to the African crypto industry. 

BY RUTENDO NYAMUDA 

The Forbes 30 Under 30 List is no doubt one of the most 

internationally recognized lists across the world. This year Yellow 

Card Financial co-founders Chris Maurice, CEO, and Justin 

Poiroux, CTO, were recognized in the “Big Money Startups” 

category for their work and contribution to the African crypto 

industry. Both entrepreneurs are Auburn grads – Chris is also 

an FMA alumnus. The 2022 renowned North America list 

acknowledged 600 business and industry figures, with 30 people 

selected in each category. Both Chris (26) and Justin (25) were 

ecstatic about the honor. Chris, who was also profiled in the latest 

December/January issue of Forbes Africa Magazine, says that after 

a very busy, intense, and successful year, this accolade is incredibly 

significant. “For any entrepreneur in pursuit of a dream, being 

acknowledged on this level, among other pioneers, is a dream come 

true. This gives me greater inspiration and motivation to continue 

to work at the highest possible level,” he said. 

Since its launch in Nigeria in 2019, Yellow Card has grown and 

developed into one of the most prominent cryptocurrency 

companies in Africa. And this year certainly proved to be one of the 

company’s most successful years yet. 

This year the crypto leader surpassed 1 million customers and went 

through a transformative corporate rebrand. The company also 

added a new product called Yellow Pay which is a crypto-powered 

way to send value across borders. Yellow Card also made headlines 

with their $40 million Series B fundraise, bringing the total raised 

by the company to $57 million. This is the largest fundraising ever 

by a crypto company on the African continent. 

They enlarged their geographical footprint from 12 to 16 countries, 

launching in Gabon, Senegal, Rwanda, and the Democratic 

Republic of the Congo. By far, one of the biggest accomplishments 

of the company this year was becoming the first cryptocurrency 

company on the continent to be granted a Virtual Asset Service 

Provider license to operate in Botswana. 

Internally they almost doubled their staff - Yellow Card now has 

217 employees who work from 24 different countries. More than 

95% of the staff is based in Africa with 39% being female. This year 

the company also officially granted stock options to every full-time 

employee. 

In the coming years, Yellow Card will continue to pursue their 

mission to make it easy and affordable for anyone, anywhere in 

Africa to interact with the digital currency ecosystem, send and 

ALUMNI RECOGNITION 

CHRIS 

MAURICE 

receive money, and control their own finances. Making basic 

financial services accessible to 1.2 billion people via crypto is 

not just a pipe dream - but something they are actively pursuing 

every day. 

FMA is proud to announce that Chris will participate in the 2023 

Financial Leadership Summit – our first FMA alumnus to be 

featured as an esteemed executive panelist. 


FMA NYC TRIP 

INTEGRATING 

EXTERNAL 

ENGAGEMENT 


Through collaboration, support, and 

initiative of Auburn FMA alumni and 

supporters, the group completed their 

sixth successful New York Trip. 

Students had the opportunity to interact with elite employers, 

expand the university’s professional network, and participate in 

the annual FMA International Finance Leadership Conference, 

which includes speakers from a diverse set of backgrounds and an 

in-person case competition. 

The annual trip is a definite highlight for the students and provides 

an experiential look at specific targeted career paths. In addition 

to the conference events, the trip included a stop at the New 

York Stock Exchange where long time floor trader Joe Dente of 

Wellington Shields guided students through the exchange and 

introduced them to various market makers as the opening bell rang. 

A key aspect of the trip includes visits to various firms, typically 

arranged by FMA alumni or supporters. Students had the 

opportunity to meet with executives from Cantor Fitzgerald, 

Moelis & Company, Evercore, Goldman Sachs, and Bank of 

America. A huge thank you to alumni Nathan Stein, Kennedy 

Jarvis, Jimmy Brewster, Price Delk, Kelly Cash, John Jordan, Haley 

McDonnell, and as always, Steven “Deals” Aldridge for arranging 

these visits. 

In both 2022, and 2023, we organized a young alumni night at St. 

Pat’s – the designated Auburn gathering spot in the city. It’s truly 

remarkable to see how much the NYC base of FMA alums has 

grown. 

This trip enables underclassmen and upperclassmen alike to forge 

relationships with industry leaders. We continue to build the FMA 

brand in New York and strengthen the connection with our alumni 

and supporters. Experiential trips like this would not be possible 

without their support. 


INTEGRATING 

EXTERNAL 

ENGAGEMENT 

FMA HOUSTON 

In an effort to expand recruiting and placement efforts, 

FMA returned to Houston this year – our second networking 

and recruiting visit to H-Town. Seventeen students had the opportunity to network and 

attend info sessions with elite firms. The visit provided a unique educational experience 

where students were able, not only to meet with several bankers, but also to visit Waste 

Management (WM) headquarters – one of ASIF’s long term investments. 

WM’s senior investor relations executives Ed Egl and Heather Miller welcomed Auburn 

FMA with a tour of their headquarters and a Q&A session where students were able to learn 

more about the company’s strategy, operations, and future goals. A big thank you to Waste 

Management for their time and hospitality. 

Students met with banking professionals from RBC, Citibank, JP Morgan, and Goldman 

Sachs. These visits were made possible by involved Auburn alumni Kate Bagley, Grace 

Courtney, Jonathan Hu, and Carolyn Cooper. 

The Houston visit was an important initiative by Auburn FMA to diversify and expand 

its corporate network. Since FMA’s founding, Houston has become a target location for 

students wanting to stay in the south, or those with an interest in oil and gas investment 

banking. Also, through this trip, we were able to connect with several FMA Houston alums, 

who joined the group for a member-alum social at El Tiempo (our favorite part of the trip). 



WHERE 

ARE WE 

GOING 

NOW? 


2022 FULL TIME PLACEMENTS 

AYCO - Atlanta 

Jackson Davis 

Credit Suisse - Houston 

Jonathan Hu 

Goldman Sachs - Houston 

Grace Courtney 

Houlihan Lokey – New York 

Hays Kassen 

Jefferies 

Jillian Colquitt (NYC) 

Rachel Turley (Boston) 

KBW - Atlanta 

Jameson Fecteau 

Moelis – New York 

Kennedy Jarvis 

Perella Weinberg – New York 

Sam Colvin 

Piper Sandler - Charlotte 

Will Hull 

Raymond James - Tampa 

Glenn Shell 

RBC - Houston 

Carolyn Cooper 

Regions - Atlanta 

Madison Campbell 

Stephens - Little Rock, ARK 

Stephen Sadie 

Stifel – New York 

Pernille Buhl 

TRUIST 

Parth Ranchod (Charlotte) 

James Rosen (ATL) 

Carter Holmes (ATL) 

Will McColskey (ATL) 

Wells Fargo - Charlotte 

Daniella Cucci 

2023 FULL TIME PLACEMENTS 

Bank of America 

Luke Sexton (Charlotte) 

Nick Iannone (NYC) 

Deloitte Corp Finc - Dallas 

Will Bradford 

Founders – Birmingham 

Emily Dunaway 

Goldman Sachs - Dallas 

Thompson Green (SLG) 

Nick Thompson (AM, RE) 

KBW - Atlanta 

Jameson Fecteau 

KROLL - Nashville 

Connor Bailey 

Railroad Investment Grp. 

Auburn 

Finn Price 

Regions 

Jake Lartigue (BHAM) 

Annie Tighe (Dallas) 

Stephens - Dallas 

Rhett Block 

Synovus - Atlanta 

Andrew Dale 

Jake Darling 

TD Securities – New York 

Maggie Richard 

Truist - Atlanta 

Olivia Baljet 

Chandler Sharp 

UBS – New York 

Katie Leone 

Wells Fargo - Charlotte 

Rachel Crane 


MASTERS OF THE FUTURE 

SEAN CONLEY 

COLUMBIA BUSINESS SCHOOL 

In May 2023, Sean Conley (FMA ’16) earned his MBA from 

Columbia Business School, graduating with Dean’s Honors and 

receiving the CBS Student Service Award, and in August was 

named to Poets & Quants’ MBAs to Watch: Class of 2023. While 

at Columbia, Sean served as Board Chair of Cluster A’23, Co- 

President of CBS Follies, and Career Management Fellow. 

Prior to his MBA, Sean spent five years in corporate banking 

with BBVA USA (now PNC). After leading the bank’s eastern US 

Government and Institutional Finance practice, Sean became 

BBVA USA’s youngest Corporate Relationship Manager in 

2019, managed a portfolio of middle market banking clients, 

and earned the title of VP in 2020. Outside of work, he served 

as Board President of a nonprofit humanitarian organization, 

founding a program that provides free books to every Title I 

elementary school in Jacksonville, Florida. 

In September, Sean will resume work full-time in Manhattan 

as a Consultant for Boston Consulting Group (BCG), one of 

the world’s most elite management consulting firms. Sean will 

work with Fortune 500 companies across industries, “advising 

on organizational change 

in anything from postmerger 

integration to pricing 

optimization.” During his 

summer internship, he and 

his team orchestrated a digital 

transformation for a global 

biopharma. 

For each of these experiences, 

Sean credits the Auburn FMA. 

“The FMA instilled in me a mentality that I live by to this day – 

to bloom where you’re planted, to constantly challenge yourself 

to grow personally and professionally, and to ‘pay it forward’ by 

investing in those around you.” Since graduating summa cum 

laude from Auburn in 2016, Sean has served as a Mentor for the 

FMA Executive Mentor Program, something he (and his mentees) 

looks forward to year after year. 

#FMAproud Sean! Thank you for your continued stewardship and 

involvement. 

JORDAN 

CARR 

HARVARD BUSINESS SCHOOL 

Throughout his life, 2018 Auburn grad 

Jordan Carr has been a testament to 

versatility, determination, and leading 

the way for others behind him. While 

at Auburn, after learning more about 

the world of investment banking, Carr 

chose to pass up an ExxonMobil return 

offer in hopes of landing an investment 

banking summer analyst role. With 

countless cold emails and some luck, 

he broke in at Moelis & Company 

for a summer internship, and upon 

graduating, accepted a full-time position 

in their NYC office. 

As a student at Auburn, despite a full 

schedule of involvement serving as 

Fiji President, IFC Treasurer, and in 

several SGA roles, Carr graduated with 

a 4.0 in mechanical engineering and 

minors in finance and business. He 

then embarked on a career that led him 

through two years at Moelis, New York 

as an investment banking analyst before 

working as a private equity associate 

at Berkshire Partners in Boston. After 

spending four years in finance, Carr 

is now pursuing his MBA at Harvard 

Business School. 

During his free time, you can likely find 

Jordan doing a number of races or runs. 

He completed two marathons during his 

time in investment banking and found 

time during his private equity role to 

run a 160-mile relay race from the Dead 

Sea to the Red Sea as well as qualify for 

the Boston Marathon, which he ran in 

April of 2023. 

Carr has also been involved with a 

running group that mentors men 

struggling with homelessness and 

addiction and, as a former FMA 

president, has served on the FMA 

Advisory Board since he graduated 

Auburn in 2018. After graduating from 

Harvard, Jordan plans to pursue a path 

of entrepreneurship through acquisition, 

acquiring and growing a lower middle 

market company in the US. 

Way to go J. Czar! We look forward to 

watching your future unfold. 


MASTERS OF THE FUTURE 

JOHN TAPP 

COLUMBIA BUSINESS SCHOOL 

In January 2023, John Tapp (FMA ’18) 

entered the MBA program at Columbia 

Business School. Prior to CBS, John 

spent four years at Regions Business 

Capital (the leveraged finance platform 

of Regions Bank) where he rose the ranks 

to Associate Vice President. Six months 

prior to starting his MBA, John joined KT 

Capital, a boutique private equity firm in 

Atlanta. 

When choosing a school to further his 

education, Columbia appealed to John for 

a variety of reasons. “CBS is known for 

their value investing program and finance 

focus. Also, New York is the financial 

capital of the world and CBS’ proximity 

to so many firms and companies is a big 

differentiator when compared to other 

programs.” So far in his time at CBS, John 

has enjoyed “taking advantage of living in 

NYC, hanging out with fellow FMA alum 

William Cole, and getting to know and 

travel with some amazing people with 

diverse backgrounds. 

Post graduation, the Atlanta native plans 

on pursuing a career in private credit 

or private equity at firms that focus on 

lower middle market businesses. Looking 

forward to seeing where this new chapter 

takes you, John! 

LAUREN 

BRADFORD 

VANDERBILT 

“My journey to Finance is non-linear,” says 2021 grad Lauren Bradford. “I knew 

that I wanted to pay entirely for my degree at Auburn through scholarship. 

Therefore, I sacrificed my college summers to compete for Miss Alabama, the 

state preliminary to Miss America – the nation’s leading scholarship provider for 

women.” After graduating from Auburn, Lauren went on to win Miss Alabama and 

place as 1st runner up to the 100th anniversary Miss America. 

Lauren graduated in three years from Auburn and spent a year traveling the 

state as Miss Alabama. She then went to grad school at Vanderbilt in the Fall of 

2022 - her Miss America scholarships paying entirely for her graduate degree. 

“Since I had used my summers to compete for the title, I didn’t have as much 

finance experience – which influenced my decision to pursue graduate school.” 

While at Vandy, Lauren worked with the associate dean to create and lead an 

organization called “Own It: Empowering the Women of Vanderbilt Owen,” which 

provided programming and education to women in specialized masters programs. 

“Continuing to seek out leadership opportunities and learning how to be an 

example to younger women within business continues to be a passion of mine.” 

Lauren now works in Nashville as an associate at Berkeley Research Group, 

a global management consulting firm, where she specializes in Healthcare 

Transaction Advisory. “I’m incredibly thankful for my time in FMA because it was 

one of the first times I was truly exposed to careers in high-finance. I continue 

to realize that no one’s path to their goals should look identical. Each differing 

background brings a sense of innovation to teams and is necessary for growth. 

While imposter syndrome is real, the influence and knowledge you gain from 

putting yourself in uncomfortable situations is even more tangible. I hope to 

continue sharing this message throughout my career and am excited for all that’s 

to come. P.S. – finance rocks!” 

Congratulations on all your accomplishments, Lauren. We know these are few of 

many more to come! 


Performance 

Summary 

2021-2022 | 2022-2023 


Our Investment Team 

Meet the dedicated students who make up our Fund. 

2022 

2023 

Each academic year, ASIF is comprised of three executive officers, 

eight sector directors, and approximately thirty analysts. These junior 

and senior students represent a variety of majors -- including finance, 

engineering, computer science, and economics. Each student also 

holds membership in the Financial Management Association. 

ASIF Overview 


About the Auburn Student 

Investment Fund 

The Auburn Student Investment Fund 

(“ASIF”) was founded in the fall of 2017 

with the purpose of providing ambitious, 

intellectually curious undergraduate 

students with a deeper understanding 

of financial markets through real 

world security analysis and portfolio 

management. The Fund focuses on 

delivering hands-on, practical experience 

in valuation techniques, equity research, 

and risk management. 

The Fund’s portfolio consists of single 

equities, fixed income investments, and 

alternatives selected by students with 

advisor oversight. Members develop 

investment theses by conducting research 

and constructing financial models, 

resulting in the formulation of investment 

recommendations. 

Investment Philosophy 

Beyond our primary goal of student 

education, the Fund secondarily aims for 

satisfactory returns against the benchmark 

of the S&P 500 Value Index, in order to 

ensure the continued life of the Fund. 

When selecting positions, the Fund looks 

to purchase exceptional investments while 

mitigating risk. Thus, pitch criteria include 

finding investments that contain exposure 

to large and growing markets, the ability to 

provide value to its surrounding ecosystem 

and customers, a competitive edge against 

comparables, sustainable profitability, a 

strong balance sheet, and attractive cash 

flow generation. 

The Fund is value-oriented, as it looks 

to purchase undervalued investments 

that demonstrate potential for steady 

appreciation and resilience in various 

market conditions. 

Fund Structure 

The Fund is comprised of eight sectors: 

Consumer Staples (CS) 

Energy & Defense (E&D) 

Real Estate (RE) 

Healthcare (HC) 

Consumer Discretionary (CD) 

2023 Investment Highlights* 

Pitch Expectations 

Industrials & Utilities (I&U) 

Financial Institutions (FIG) 

Technology, Media, & Telecom 

(TMT) 

Note: ASIF has also made investments in Materials, but does not 

have a dedicated Materials sector. 

Our Investment Process 

Our Investment Process 

Equity Selection: 

Sector discusses 

potential investments 

and selects a single 

equity to propose to 

Exec team 

Monitoring: 

Exec continues to 

monitor investment 

while sector updates 

model and Fund until 

position exit 

Pitch Approval: 

Sector requests to 

pitch with brief 

explanation of thesis. 

Exec approves or 

denies 

Voting: 

ASIF Exec and advisor 

discuss and vote on 

investment, and if 

approved, execute the 

transaction. 

59.1% Return 40.1% Return 

Each sector is responsible for two comprehensive pitches per 

After a net loss in 2022, it achieved $134.4 FY23 cloud revenue surpassed $110 billion, 

semester, billion in revenue, including $7.7 billion an in investment operating thesis up 27%, and with Azure valuation accounting via for more 

discounted 

income, and $6.8 

cash 

billion 

flow 

in net 

or 

income 

dividend 

in 

discount 

than 50% of 

model 

the total 

in 

for 

addition 

the first time 

to 

FY23 Q2, indicating a turnaround in its retail Poised to benefit from AI monetization 

public margins comparables. and AWS revenue growth. Due diligence for through pitches Azure integration includes and but Copilot is not 

limited to: 


• Analysis of the firm’s business and its industry, including its 

Achieved record quarterly revenue of $6.0 FY23 Q3 earnings included record 

strategy and the competitive landscape 

billion and net income of $2.1 billion in 

FY23 Q3, while also seeing 25.9% YoY cash 

• flow Analysis growth of the firm’s financial condition Beneficiary including of sustained demand profitability, for farm 

Beneficiary 

balance 

of strategic 

sheet, 

AI 

and 

investment 

cash 

in 

flow 

a 

generation 

and construction equipment and 

large market with high barriers to entry 

*Return • numbers A forecast of 7/31/2023 of (all YTD the returns firm’s except for performance DE, which the Fund bought structured on 4/5/2023 at $380 as per share) pro forma 

financial statements with well-articulated assumptions about 

Annual key Financial value drivers Report Sensitivity / Page 12 analysis and scenario analysis 

• Analysis of the firm’s risk management and ESG 

Due Diligence: 

Sector completes 

macroeconomic, 

industry, company, 

theses, and valuation 

analysis 

Pitching: 

Sector presents 

investment 

PowerPoint or writeup 

to ASIF Exec and 

undergoes Q&A 

quarterly gross margin of 35.7%, operating 

margin of 19.7%, and net margin of 15.0% 

improving supply chains 


Letter from the 2023-2024 CIO, 

Wesley Lowman 

It is no secret that 2022 was a difficult 

year for the market. Whether it be rising 

inflation leading to tightened consumer 

spending, the war in Ukraine shifting the 

geopolitical landscape, rising interest 

rates cutting into earnings growth, or 

rising macroeconomic uncertainty 

dimming investor sentiment, each day 

presented new challenges that required 

us to consistently evaluate the manner in 

which we navigated such unfavorable 

conditions. As a result, members of the 

Auburn Student Investment Fund 

increased their knowledge of how such 

market conditions affect both individual 

companies and entire sectors and how to 

mitigate risk in uniquely difficult 

economic and geopolitical environments. 

This is where the continued success of 

our advanced security analysis and 

advanced portfolio management courses, 

led by Kevin Gamble of the Retirement 

Systems of Alabama and Dr. Albert Wang, 

respectively, have provided Fund 

members with the strong foundation 

needed to conduct the extensive due 

diligence needed to make independent 

and prudent portfolio allocation decisions. 

Additionally, the fall of 2022 saw the 

realization of a plan that had been 

conceptualized years ago: the $3.2 million 

expansion of the Harbert Investment 

Center, which has given Fund members 12 

dedicated Bloomberg terminals to 

conduct market research, a training center 

to help students reinforce concepts, and 

collaboration spaces that Fund members 

use to complete and practice company 

pitches together. Combine this with new 

Fund resources such as Refinitiv and 

BlackRock’s Aladdin portfolio 

management platform, and Fund 

members continue to have the resources 

needed to drive the many investment 

decisions they make. 

On a more personal note, I can say with 

great confidence that joining ASIF has 

been the most valuable experience of my 

college career, as it has allowed me to 

make tremendous strides both personally 

and professionally. Due to the many 

resources and incredible support system 

that ASIF provides, I have had the 

opportunity to supplement my passion for 

investing in a manner that I did not see 

possible before joining the Fund as a 

freshman. It has been the greatest 

privilege to lead the team this year, and I 

cannot be more thankful for the 

contributions from the members, advisors, 

Board, and donors of the Fund as we look 

toward this organization's bright future. 

With gratitude, 

Wesley Lowman 

ASIF Overview 


y 

ngs 

nts 

ngs 

nts 

es 

hnology 

y 

ents 

Portfolio holdings 

As of December 31, 2021 

Asset Class Breakdown 

$478,712 Single Equity Investments 

$139,881 Cash 

$618,593 Total AUM 

Cash 

22.6% 

Sector Breakdown 

$55,910 Consumer Discretionary 

$54,715 Consumer Staples CD 

$81,299 Financials 

$17,278 Healthcare 

TMT 

33.5% 

$43,394 Industrials 

Single Equity 

77.4% 

$65,957 Real Estate & Alternatives 

$160,159 Telecom, Media, & Technology 

$478,712 Single Equity Investments 

TMT 

33.5% 

Cash 

22.6% 

R&A 

13.8% 

I&E 

9.1% 

11.7% 

HC 

CD 

3.6% 

11.7% 

Single Equity 

77.4% 

CS 

11.4% 

F 

17% 

CS 

11.4% 

Financial Highlights 


At inception in October of 2017, ASIF was allocated seed capital of 

$250,000. At inception Through in October of accumulation 2017, ASIF was allocated of capital seed gains, capital dividends, of and 

$250,000. Through accumulation of capital gains, dividends, and generous 

generous contributions from donors, our students now manage $618,593 

contributions from donors, our students now manage $618,593 across eight 

across different eight sectors, different holding investments sectors, holding 14 single investments equities as of December in 14 single equities as 

of 31, December 2021. 31, 2021. 

750,000 

500,000 

250,000 

Single Equity Investments 



Investments per Sector 



4 

3 

0 

Dec-17 

Jun-18 

Dec-18 

Jun-19 

2021 Performance Summary 

Dec-19 

Jun-20 

Dec-20 

Jun-21 

Dec-21 

Note: Invested capital includes $249,902 initial endowment 

(October 2017), $29,105 in donations (2018), $5,331 in donations 

(2019), $4,496 in donations (2020), and $72,737 in donations (2021) 

4 

3 

$618,593 

Total Capital 

$362,572 

Invested Capital 

Note: Invested capital 

includes $249,902 

initial endowment 

(October 2017), 

$29,105 in donations 

(2018), $5,331 in 

donations (2019), 


(2020), and $72,737 in 

donations (2021) 

2 

es 

hnology 

ents 

R&A 

13.8% 


I&E 

9.1% 

HC 

3.6% 

F 

17% 

2 

1 

1 

0 

CD CS F HC I&E R&A TMT 

Note: 0 The Fund restructured in 2022, which included a reorganization of sectors. Previous sectors were 

CD CS F HC I&E R&A TMT 

Consumer Discretionary (CD), Consumer Staples (CS), Financials (F), Healthcare (HC), Industrials & 

Energy Note: The (I&E), Fund Real restructured Estate & Alternatives in 2022, which (R&A), included and Telecom, a reorganization Media, and of Technology sectors. Previous (TMT) sectors were 

Consumer Discretionary (CD), Consumer Staples (CS), Financials (F), Healthcare (HC), Industrials & 

Energy (I&E), Real Estate & Alternatives (R&A), and Telecom, Media, and Technology (TMT)

2021 Performance 

Quarterly Portfolio Performance since Inception 

October 2017 - December 2021 

2021 Monthly Portfolio Performance 

January 2021 - December 2021 

Portfolio Value vs. Donations 


2021 Performance Summary FMA 2021-2023 MAGAZINE 69

Performance Analytics 

ASIF vs. S&P 500 Cumulative Return 


S&P 500 

ASIF 

1-Yr Return 

2-Yr Return 

(Annualized) 

3-Yr Return 

(Annualized) 

24.61% 27.94% 

19.53% 20.48% 

19.18% 18.46% 

2021 Risk-Adjusted Performance Measures 

As of 12/31/2021 

Beta - 0.81 

Sharpe Ratio - 268.0% 

Treynor's Measure - 33.8% 

Jensen's Alpha - 7.84% 

3-Factor Alpha - 12.5% 

4-Factor Alpha - 14.2% 

Information Ratio - 62.4% 

Sortino Measure - 236.9% 


2021 Performance Summary

2021 Investment Rationale 

2021 marked the completion of a shift into an 

equities-only portfolio, which coincided with an 

exceptional year for the equities market as the 

economy continued to recover from the setbacks of 

COVID. This combination was the driving force 

behind ASIF's best performance since inception. Our 

portfolio reached a peak value of $618,593 as of 

December 31, 2021. 

2021 was also a record year in donations. We 

received a total of $72,737, which is the most 

received since the original seed capital of $250,000. 

Because of the sudden influx of donations, we made 

several transactions in May as we sought to deploy 

the excess cash and allocate appropriately among 

our different investment sectors. We took this 

opportunity to invest in two new businesses - BJ's 

Wholesale and Salesforce. 

BJ's Wholesale significantly outperformed analyst 

expectations since the time of our investment. A mix 

of macro factors, the company's unique positioning 

and their initiatives drove share gains in 2021. Looking 

forward, we believe the company is well-positioned 

in the event of a downturn because of the growth 

and the stickiness of its membership income. 

Salesforce benefitted from an increased enterprise IT 

spend that was prioritized toward digital 

transformation in 2021. Its share price began to move 

downward at the end of the year amidst the 

widespread tech sell-off and partly due to the 

company's acquisition of Slack Technologies. 

2021 Investment Decisions 

January: 

Sold Alibaba 

March: 

Sold Gilead Science 

May: 

Increased position in Estee 

Lauder 

Sold Lockheed Martin 

Increased position in NVIDIA 

Increased position in Alexandria 

Real Estate 

Increased position in Waste 

Management 

Bought BJ's Wholesale Club 

Bought Salesforce 

Increased position in Medical 

Properties Trust 

Increased position in Mastercard 

Sold IPG Photonics 

Sold Alphabet 

Sold Truist 

Sold Boeing 

Increased position in Johnson & 

Johnson 

Increased position in Microsoft 

Sold Tyson Foods 

October: 

Sold Illinois Tool Works 

2021 Performance Summary FMA 2021-2023 MAGAZINE 71

2021 Investment Rationale 

We also sold out of nine securities entirely over the course of the year. Gilead had been the 

worst performer in our portfolio due to lower than expected demand in sales of remdesivir as a 

treatment for COVID-19. 

Boeing was the only other company we sold out of at a loss. Boeing was part of a difficult 

environment facing commercial aerospace at the onset of COVID, and the stock continued to 

slide further as investors were concerned that the virus could lead to changed consumer 

behavior in the airline industry. In addition, regulatory concern dampened the ramp up of the 

company's 737 MAX after multiple operational mishaps. 

Illinois Tool Works was a company we sold out of in the fall of 2021. The stock had been 

trending down because of ongoing supply chain issues, and we did not believe those issues 

would be resolved in the near future. 

2021 BUYS 2021 SELLS 

Unrealized Return: 

48.77% 

17.64% 

Realized Return (Loss): 

20.6% 

129.4% 

48.8% 

(10.2)% 

(12.5)% 

37.9% 

36.5% 

3.8% 

23.4% 

25.9% 

Note: Unrealized return calculated from purchase date to 12/31/2021 


2021 Performance Summary

ings 

reds 

Portfolio holdings 

As of December 31, 2022 

Asset Class Breakdown 

$157,609 Equities 

$156,154 Fixed Income & Preferreds 

$144,545 Cash 

$32,399 Alternatives 

$490,707 Total AUM 

Cash 

29.5% 

ings 

n 

rreds 

logy 

ments 

Sector Breakdown 

$6,720 Consumer CDiscretionary 

$19,517 Consumer Staples 

Cash 

$11,912 Energy & Defense 

29.5% 

RE 

8.5% 

M 

7.4% 

Alternatives 

6.6% 

Alternatives 

6.6% 

$15,528 Financial Institutions 

$55,383 Industrials & Utilities 

$11,700 Materials 

Fixed Income 

31.8% 

$13,347 Real Estate 

Equities 

32.1% 

TMT 4.3% 

Equities 

14.9% CS 

32.1% 

12.4% 

Fixed Income 

$23,502 Telecom, 

31.8% 

Media, & Technology 

$478,712 Single 

I&U 

Equity Investments 

35.1% 

CD 

TMT 4.3% 

14.9% CS 

12.4% 

E&D 

7.6% 

FIG 

9.9% 


At inception in October of 2017, ASIF was allocated seed capital of 

$250,000. Through accumulation of capital gains, dividends, and 

generous contributions from donors, our students now manage $490,707 

across eight different sectors, holding investments in 10 single equities as 

of December 31, 2022. 

At inception in October of 2017, ASIF was allocated seed capital of $250,000. 

Through accumulation of capital gains, dividends, and generous contributions 

from donors, our students now manage $490,707 across eight different 

sectors, holding investments in 10 single equities as of December 31, 2022. 

750,000 

500,000 

250,000 

0 


2022 Performance Summary 

Dec-17 

Jun-18 

Dec-18 

Jun-19 

Dec-19 

Jun-20 

Dec-20 

Jun-21 

Dec-21 

Jun-22 

Dec-22 


Note: Invested capital includes $249,902 initial endowment 


(October 2017), $29,105 in donations (2018), $5,331 in donations 

(2019), $4,496 in donations (2020), $72,737 in donations (2021), and 

$2,520 in donations (2022) 




2 

1.5 

2 

1.5 

$490,707 

Total Capital 

$365,092 

Invested Capital 

Note: Invested capital 

includes $249,902 initial 

endowment (October 

2017), $29,105 in 

donations (2018), $5,331 

in donations (2019), 


(2020), $72,737 in 

donations (2021), 

and$2,520 in donations 

(2022) 

RE 

8.5% 

E&D 

7.6% 

1 

1 

M 

7.4% 

FIG 

9.9% 

0.5 

0.5 

ology 

tments 

I&U 

35.1% 

0 

I&U FIG TMT CD E&D CS RE M 

0 

Note: 

I&U 

Industrials 

FIG 

& Utilities 

TMT 

(I&U); Financial 

CD 

Institutions 

E&D 

(FIG); Technology, 

CS 

Media, 

RE 

& 

M 

Telecom (TMT); Consumer Discretionary (CD); Energy & Defense (E&D); Consumer Staples 

Note: (CS); Industrials Real Estate & Utilities (RE); Materials (I&U); Financial (M) Institutions (FIG); Technology, Media, & 

Telecom (TMT); Consumer Discretionary (CD); Energy & Defense (E&D); Consumer Staples 

(CS); Real Estate (RE); Materials (M) 

2022 Performance Summary 


2022 Performance 

Quarterly Portfolio Performance since Inception 

October 2017 - December 2022 

2022 Monthly Portfolio Performance 

January 2022 - December 2022 

Portfolio Value vs. Donations 



2022 Performance Summary

Performance Analytics 

ASIF vs. S&P 500 Cumulative Return 


ASIF 

S&P 500 

RLV* 

1-Yr Return 

2-Yr Return** 

Since ASIF 

Inception** 

-20.98% 

1.43% 

8.25% 

-19.95% -2.72% 

1.86% -2.86% 

9.21% 4.08% 

*Russell 1000 Value Index 

**Annualized — Returns as of 12/31/22 

2022 Risk-Adjusted Performance Measures 

As of 12/31/2022 

Beta: 0.62 

Sharpe Ratio: -2.54% 

Treynor's Measure: -0.69% 

Jensen's Alpha: -18.02% 

3-Factor Alpha: -22.05% 

4-Factor Alpha: -20.64% 

Information Ratio: -0.24% 

Sortino Measure: -2.91% 

2022 Performance Summary FMA 2021-2023 MAGAZINE 75

2022 Investment Rationale 

With a difficult year for the market, 2022 saw the value of the 

portfolio fall to $490,707 at the end of the year. This year also 

marked a shift to investments beyond equities and reduced 

exposure to the TMT sector, as the Fund felt that moving into 

fixed income investments and alternative assets would 

protect our capital in the long run, allowing us to rotate back 

into exceptional companies sourced by Fund members when 

presented with the right opportunity. 

The Fund deployed cash into multiple fixed income 

investments throughout the year to take advantage of 

elevated interest rates while investing in a risk-free asset that 

could serve as a hedge against inflation. To further protect 

cash and enter positions in gold and silver, the Fund bought 

PHYS and PSLV, respectively. 

The Fund invested in six new businesses in 2022. The first of 

these were American Tower, American Waterworks, Intuit, 

and Intuitive Surgical. The thesis for American Tower 

revolved around the company's ability to capitalize on 5G 

growth and the favorable economics of the towers it 

operates. The Fund invested in American Water Works due 

to its diversified revenue streams allowing for recession 

resilience, positioning to fill gaps in the public water 

infrastructure, and prospects for tailwinds from increased 

capital investments over the next ten years. 

Next, the Fund invested in Intuit, as it saw a strong business 

with a significant moat in an industry that is difficult to enter, 

improving fundamentals, diversified product offerings, and 

connected ecosystem. The Fund also felt that the Mailchimp 

acquisition would accomplish two of the company's strategic 

“Big Bets”: becoming the center of small business growth and 

disrupting the small business mid-market. Lastly, the Fund 

bought Intuitive Surgical due to a thesis on robotic surgery 

growth and moat in its industry but exited the company by 

the end of the year. 

After these initial investments, the Fund took a position in 

Barrick Gold Corporation due to the company's ability to 

scale and exceptional management, along with our positive 

outlook on the company's strategic capital allocation 

decisions. ExxonMobil was our final investment in 2022. The 

Fund felt confident in this business due to its status as a 

blue-chip name in an outperforming sector and its ability to 

capitalize on rising oil demand. 

2022 Investment Decisions 

February: 

Bought AMT 

Bought AWK 

Bought INTU 

Bought ISRG 

Sold MA 

Sold MPW 

Decreased position in ARE 

Decreased position in BJ 

Decreased position in CRM 

Decreased position in JNJ 

Decreased position in NVDA 

March: 

Sold JNJ 

May: 

Bought GOLD 

Decreased position in CMCSA 

Decreased position in CRM 

September: 

Sold ARE 

Sold CMCSA 

Sold ISRG 

Sold KKR 

October: 

Bought PHYS 

Increased position in GOLD 

Sold CRM 

Sold NVDA 

Decreased position in AMT 

Decreased position in BJ 

Decreased position in EL 

Decreased position in INTU 

Decreased position in MSFT 

November: 

Decreased position in WM 

December: 

Bought PSLV 

Bought XOM 

Increased position in PSLV 

Sold EL 


2022 Performance Summary

2022 Investment Rationale 

We also sold out of ten securities entirely over the course of the year. Intuitive Surgical had 

been the worst performer in our portfolio due to a significant decline in elective surgery 

procedure growth along with tightening hospital spending, leading to fewer system placements. 

Salesforce presented the second biggest loss of the securities sold in 2022. Here, the Fund saw 

significant sector-related headwinds being particularly unfavorable for CRM. This was 

supplemented by the fact that management had not capitalized on its many performance goals 

and there had not been successful integration of Slack with the CRM 360 platform to leave us 

confident in keeping this holding in our portfolio. 

Of the securities sold, KKR yielded the highest return. With the Fund seeing a challenging 

upcoming environment for private equity, we chose to capture our returns and hold the cash for 

deployment into one of the names pitched to the Fund in the fall of 2022. 

2022 BUYS 2022 SELLS 

Unrealized Return: 

(15.77)% 

Realized Return (Loss): 

(6.57)% 

(3.97)% (2.84)% 

(9.75)% 

(0.65)% 

(29.01)% 

5.54% 

3.90% 

0.64% 

(33.83)% 

8.84% 

93.12% 

4.58% 

16.87% 

(0.19)% 

(8.82)% 

Note: Unrealized return calculated from purchase date to 12/31/2022 

2022 Performance Summary FMA 2021-2023 MAGAZINE 77

2023 Update 

Capital Breakdown 

As of July 31, 2023 

$249,902 Initial Capital 

+ $160,331 Donations 

+ $148,847 Capital Appreciation 

Capital Appreciation 

26.6% 

Initial Capital 

44.7% 

$559.080 Total AUM 

Donations 

28.7% 

Investment Decisions 

Investment decisions in 2023 were supported by pitches from both the fall 2022 

and spring 2023 semesters. The first round of pitches consisted of revaluations 

of every security in our portfolio, while the remaining pitch rounds were for 

companies new to ASIF. As of August 18, 2023, positions currently in the ASIF 

portfolio that were added so far this year include NOC, DE, FNV, and SLB, while 

position exits include DG, GEO, and PYPL. In addition to outright buys and sales, 

we increased our exposure to metals by adding to our PHYS and PSLV positions, 

and we also added to our initial NOC and XOM positions. Lastly, we added to our 

AMZN position, as the turnaround in its retail margins and AWS growth 

reaffirmed our outlook for the company’s long-term growth prospects. 

2023 Portfolio Performance 

January 1, 2023 - July 31, 2023 


2023 Performance Update

model and Fund until 

position exit 

approved, execute the 

transaction. 

up to ASIF Exec and 

undergoes Q&A 

2023 Investment Highlights* 

Interested in Learning More? 

After a net loss in 2022, it achieved $134.4 

billion in revenue, $7.7 billion in operating 

income, and $6.8 billion in net income in 

FY23 Q2, indicating a turnaround in its retail 

Annual Financial Report / Page 12 


Poised to benefit from AI monetization 

For further information on the Fund, please 

through Azure integration and Copilot 

visit our page on the FMA website 

www.auburnfma.com/overview 


margins and AWS revenue growth. 

Achieved record quarterly revenue of $6.0 

billion and net income of $2.1 billion in 

FY23 Q3, while also seeing 25.9% YoY cash 

flow growth 

Beneficiary of strategic AI investment in a 

large market with high barriers to entry 

FY23 cloud revenue surpassed $110 billion, 

up 27%, with Azure accounting for more 

than 50% of the total for the first time 

FY23 Q3 earnings included record 

quarterly gross margin of 35.7%, operating 

margin of 19.7%, and net margin of 15.0% 

Beneficiary of sustained demand for farm 

and construction equipment and 

improving supply chains 

Interested in Donating? 

*Return numbers of 7/31/2023 (all YTD returns except for DE, which the Fund bought on 4/5/2023 at $380 per share) 

Please contact us at richate@auburn.edu 

For further information on the Fund, 

please visit out page on the FMA website: 

www.auburnfma.com/asif 

Interested in Donating? 

Please contact us at richate@auburn.edu 


ALUMNI UPDATES 

FMA 

BONDS 

Commitments shown by FMA members can 

be seen not only through their academic 

and extracurricular dedication, but also 

through the commitments they make to 

each other, through lifelong friendships… 

and sometimes even marriage. 

Most recently, FMA alumni Tim Sheng 

and Haley Walraven celebrated their 

engagement in 2020 and were married 

on May 14th, 2022. Both Tim and Haley 

were finance majors at Auburn University 

and met through the Auburn Student 

Investment Fund (ASIF). Their first 

introduction was at a finance networking 

event, and they grew closer through their 

mutual friends and attendance at various 

social gatherings. Having similar interests, 

Tim offered to help coach the soccer team 

that Haley managed, which culminated in 

their first date at Mike and Ed’s, a former 

local barbeque restaurant. 

Both Tim and Haley find themselves 

often reminiscing of their time at Auburn 

University. Some of their fondest memories 

include tailgating on Saturdays, witnessing 

miracles in Jordan-Hare, working out at the 

Rec Center, hanging out with friends, and 

late-night study sessions in Lowder 128. 

When asked about each other, Tim said, 

“Haley is the most kind, caring, and 

hardworking person that I know. She always 

takes care of me and makes me a better 

person.” 

In exchange, Haley said, “Tim is very 

supporting and encouraging of me. He 

helps me be more self-confident and 

comfortable.” 

During the pandemic in 2020, Tim and 

Haley escaped the city and road tripped 

north through the mountains in Maine. 

While hiking in Acadia, Tim proposed to 

Haley, and she said yes! The next day, both 

of their families traveled to surprise them 

with an engagement party. Two years 

later, the couple got married, with many 

members of their FMA and Auburn family 

in attendance. 

Haley now works for Invenergy as a Capital 

Markets Associate and Tim works for 

Google in cybersecurity. They are forever 

grateful for FMA and Auburn University for 

bringing each other together and send an 

enthusiastic “WAR EAGLE!” 


ALUMNI UPDATES 

Abigail Coleman 

’21 married Anders 

Carlson 6/25/22 

Houston Hollis ’22 married Whitney Thornton 

1/8/22 

Nick Iannone ’22 married Cara 

Diaz 6/10/23 

Jackson Samples ‘20 married 

Abby Brown 4/23/22 

Price Delk ‘21 married Virginia 

Leak 6/3/23 

James Sadie ’21 married Cassie 

Atchley 11/19/22 

Nick Pope ’19 married Rushton 

Davis on 12/10/22 

Tyler Fraebel ’19 married Lauren Massa 6/3/23 


Finn Price ’22 will marry Jena 

Lindsay 4/11/24 

Caroline Clothiaux ’16 will 

marry Joe DeBartolo 5/11/24 

Peter Lund ’15 will marry Diana 

Carolina Vanegas Carmona on 

9/1/2023 

Canon Kuipers ’21 married 

Amanda Caplan 12/4/21 

Shawn Metzgar ‘21 married 

Avery Bowman 4/29/23 

James Kay ’16 married Mattie 

Schirle 1/21/21 

Brawner Little ’21 married Lauren Sullivan 6/4/22 Nathan Stein ’21 married Ellie Polk 6/18/22 


Drake Pooley ’16 graduated with 

an MBA from Stanford in June ‘22 

as co-president of the Stanford 

GSB student body. He now leads 

strategic initiatives for the CEO of 

General Catalyst, based in NYC 

Alumni 

Updates 

William Cole ’18 

now works in business 

operations and 

strategy for Coinbase 

in Atlanta 

Brady Johnson 

‘22 joined the 

Synovus team out 

of Columbus as Sr. 

Financial Analyst, 

Strategic Finance 

at Synovus 

Emily Kravec ’19 joined McKinsey 

as a business analyst in Atlanta 

Darby Steinberger ’17 

joined Arrow Electronics as a 

sustainability analyst on the 

Global Sustainability Team. 

Jimmy Brewster ’20 is now an 

analyst with Gumshoe Capital 

Management in NYC 

Bailey Sullivan ‘19 ran the 

Grand Canyon rim-to-rim 

and climbed Kilimanjaro, 

Rainier, and Denali 

Russell Noletto ’18 

joined Gabelli & Partners 

in Greenwich, CT as a 

national sales executive 


Alumni 

Updates 

Utkarsh and his wife Meenakshi 

welcomed Arundhati Bhagat on 6/27/23 

Ty Lamar ’19 joined Cerberus 

Capital Management in NYC 

as a PE associate 


Krista Alexon ’17 

was promoted to 

VP relationship 

management at 

SVB in NYC and 

“survived the first 

bank collapse 

2023!” 

Jackson Weidler ’21 is 

now an associate with 

CIC Partners in Dallas 

Dustin Watts ‘18 

and fiancé Erika Seas 

welcomed their son, 

Daniel Ranto Watts on 

10/3/22. Dustin started 

as assistant athletic 

coordinator at University 

of South Florida in Tampa 

Sam Schuessler 

‘18 in now 

a corporate 

banking 

principal at 

Fifth Third 

Bank in Dallas 

2014 

Geoff Turnley started as senior financial 

analyst, Corporate FP&A at Vital Farms 

in Denver, CO 

2015 

Peter Lund is now director of finance at 

GlidePath Power Solutions 

Paul Aukstolis is now senior asset 

manager at National Christian 

Foundation in Atlanta 

2016 

Drake Pooley ’16 graduated with an 

MBA from Stanford in June ‘22 as copresident 

of the Stanford GSB student 

body. He now leads strategic initiatives 

for the CEO of General Catalyst, based 

in NYC 

Sean Conley graduated with his MBA 

from Columbia and will be joining BCG 

as a consultant 

Madelaine Howard is now a 

commercial relationship manager with 

Regions Bank 

Sagar Leva will be joining Palantir’s 

CFO team in D.C., with a focus on RE 

Chad Caudle started as a cybersecurity 

consultant at MAD Security in 

Huntsville, AL 

James Kay started as a Principal at Crux 

Capital in Dallas, TX 

Daniel Robinson is an M&A associate 

at PS Logistics which has become the 

most acquisitive Asset Transportation 

& Logistics privately owned company in 

the US. 

2017 

David Alderman ’17 received his 

masters at Columbia and joined Franklin 

Templeton in NYC as a digital asset 

research associate 

Carlie Phillips now has her CFA and 

was promoted to VP portfolio limits 

manager at Truist 

Darby Steinberger ’17 joined Arrow 

Electronics as a sustainability analyst on 

the Global Sustainability Team.

Joe Patching was promoted to risk 

advisory senior manager at Deloitte 

UK 

Rushton Scott is now senior 

associate at Renovo Capital in Dallas 

Kathryn Kaish was promoted to 

business change product manager at 

Truist in Atlanta, GA 

Kelly (Morris) Metzinger was 

promoted to manager, Retain FP&A 

at Carter’s Retail inc. 

2018 

Benjamin Morgan graduated with 

his MS – Financial Mathematics 

and MBA from Chicago Booth 

School of Business and now works 

as a quantitative researcher with 

SpiderRock Advisors in Chicago 

Tyler Fraebel now works as a 

consultant for Insight Sourcing 

Group in Atlanta 

Katie Grunder returned to JP 

Morgan in NYC as an investment 

specialist in the Private Bank 

Trent Baggerly was promoted to 

senior account executive at Navan 

in Austin 

2019 

Kate Bagley is now an oil & gas 

analyst with JP Morgan in Houston 

Jake Fink will be joining Chicago 

Pacific Founders as an associate in 

Chicago 

Joseph McCormick started as 

a development associate at SCA 

Health in Charlotte, NC 

Nick Pope and Jackson Speaks 

are now working together at 

their real estate investment fund, 

Plains Capital Partners, acquiring 

portfolios of rental housing. They 

are currently raising funds to recap 

and renovate a portfolio of 186 units 

and acquire additional targeted 

properties 

Matt Hultstrand was promoted to 

program manager – Fleet Strategy at 

Delta Air Lines in Atlanta, GA 

2020 

Caleb Carter joined Bellwether 

Enterprise RE Capital in Birmingham 

as a senior associate 

Michael Byron was promoted to 

senior analyst at Delta Air Lines in 

Atlanta, GA 

Carson King was promoted to 

associate at Harbor View Advisors in 

Neptune Beach, FL 

Chris Cory started at Truist 

Securities in New York as an analyst 

Mary Margaret Turton was 

promoted to Mobil 1 OEM marketing 

advisor at Exxon Mobil in Atlanta 

Daniella Cucci is a Wells Fargo 

Securities, and completed the RC and 

BRMK merger 

2021 

Houston Hollis is now an associate 

with FLEETCORP in Atlanta 

Lauren Bradford started as an 

associate at Berkley Research Group 

in Nashville TN 

Alex Deljoo was promoted to 

Affordable Housing – financial analyst 

at Regions Bank in Atlanta, GA 

Madeline Akins was promoted 

to corporate development – 

M&A analyst at Regions Bank in 

Birmingham AL 

Canon Kuipers Started as an M&A 

associate at Turnpoint Services in 

Charlotte NC 

James Sadie was promoted to 

associate at Stephens Inc. In Little 

Rock, AK 

2022 

Kennedy Jarvis will be joining Stride 

Consumer Partners in Boston as an 

associate in August, 

Jonathan Hu is now with the 

Sponsors Group at Citibank in NYC 

Stephen Sadie is now a senior analyst 

with Reagan Consulting in ATL 

BY THE NUMBERS 

9 Years of purposeful training, 

engagement and preparation for 

Auburn FMA 

4 IFLP specific courses focused on 

practical application 

2 FMA couples are now married 

3 Years in a row that FMA won an 

international case competition 

35 FMA alumni members served as 

mentors for our 2023 candidate class 

6 Years in a row we have had a 

woman accepted into the elite Girls 

Who Invest Program 

148,400 Average starting 

compensation for 2023 FMA grads 

11 Executive members participated 

in the third FMA Jr/Sr Executive 

Retreat 

129 Candidates interviewed for 

2023 incoming class 

79 Percent of freshmen and 

sophomores with '23 internships 

17 Student diversity leadership 

programs attended 

37 Finance/career related books 

available for FMA members to read & 

return in the FMA library 

26 Members participated in the first 

FMA Whiffle Ball Tournament 

6 Years to transition the Financial 

Leadership Center from concept to 

creation 


IN MEMORY 

AMY MURPHY 

FMA lost a family member in 

2022 with the passing of former 

board member, Amy Murphy. 

Murphy, who was named Director of 

Graduate Programs within Harbert 

College’s School of Accountancy in 1994, 

retired in 2019. She enjoyed a career 

decorated with teaching and professional 

awards. In 2019, Ms. Murphy was named 

a Woman of Distinction, taking the award 

for Outstanding Faculty Member at the 

University’s annual Women’s Leadership 

Conference. 

Her passion for educating students was also 

recognized by peers in 2019 when Murphy 

was named Outstanding SOA Alumna, prior 

to her retirement. Additionally, in 2017, 

Amy received the Alabama Society of CPAs 

Outstanding Accounting Educator and Beta 

Alpha Psi Outstanding Teacher awards. 

Amy joined the initial advisory board for 

FMA and was instrumental in shaping 

the strategic vision for our organization. 

“When Amy believed in something, she 

wouldn’t stop until she got it. Her support 

for our program was definably critical… 

from concept to creation.” says FMA 

director, Tracy Richard. “Having already 

successfully run Beta Alpha Psi for years, 

Amy reached across the aisle from the 

School of Accounting and helped identify 

pathways, as well as challenges. She was the 

first to lend a hand when our organization 

needed assistance, including with the 

necessary blocking and tackling required 

to establish a successful organization. We 

lost a dear friend and an inspiration. Like so 

many who were touched by her spirit, FMA 

is better because of Amy Murphy." 


FROM CONCEPT TO CREATION 

We want to 

thank you. 

STEWARDSHIP 

Thank you for showing your commitment 

to Auburn FMA. The additional training, 

programming and opportunities afforded 

our student members could not be done 

without our amazing alumni. We are 

especially grateful to those alums that not 

only gave financially, but also reached out 

to help our members with mentoring and 

recruitment. Our graduates in the field have 

been critically instrumental in the growth 

and recruitment of our current members. 

FMA Executive Sponsors 

We would like to thank our executive donors – parents, 

board members, and Auburn alumni, who have invested not 

only monetarily, but also of their time. These individuals 

believe in our mission to support motivated students with 

the tools that they need to reach their full potential. 



Interested in learning more or donating? 

Visit our website at 

www.auburnfma.com

FMA Magazine 2021 - 2023

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